The Financial Technology (FinTech) sector is reshaping the landscape of financial services, streamlining transactions, cutting costs, fostering innovation, empowering consumers, and fortifying security measures. Positioned as the second-largest hub for FinTech investments globally, the UK hosts a thriving ecosystem boasting over 1,600 financial technology firms, with projections indicating a doubling by 2030. This dynamic sector injects an estimated £11 billion into the UK economy, sustaining over 76,000 jobs. However, amidst the rapid expansion of financial technology enterprises, discerning trustworthiness, regulatory compliance, and the safety of your financial assets is paramount.
Is Rutland FX FCA Regulated?
Rutland FX is a UK-based financial technology company (FinTech) that has assisted businesses and individuals in reducing the cost of cross-border payments and managing currency risk for over 7 years. Rutland FX is partnered with “Currency Cloud,” a subsidiary of Visa. The Currency Cloud Limited is regulated and authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), under the firm reference number 900199. This authorisation level is equivalent to that of PayPal. You can verify this information by searching the firm reference number on the FCA website and checking the “Firm Status”.
Is Your Account Secure?
Under the Payment Services Regulations 2017 (PSRs) for payment instructions provided remotely or online, strong customer authentication is mandatory. At Rutland FX, we use third-party companies to verify applications and prevent fraud, such as Onfido. Onfido specialises in remote identity verification and background checks, using advanced AI and machine learning to verify the authenticity of government-issued IDs and match them with biometric data from selfies or videos. This ensures that the person presenting the ID is indeed its rightful owner.
To log into your Rutland FX account, you will need to set up Two-Factor Authentication (2FA). This can be done through our partner Authy or by receiving a text message to the phone number you used during registration. When making a payment to a new Recipient, details must be uploaded via the online portal or emailed to our operations team. The instructions must come from the email account you registered with, or the Recipient will not be uploaded.
How Your Funds are Protected
As an Electronic Money Institution (EMI), Currencycloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. When funds are posted to your account, e-money is issued in exchange for these funds by an EMI we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means the money behind the balance you see in your account is held at a reputable bank, such as Barclays, and is protected for you in the event of Currencycloud’s or our insolvency. Currencycloud stops safeguarding your funds once the money has been paid out of your account to your Recipient’s account.
How can I verify that Rutland FX is a Curency Cloud Partner?
You can easily verify Rutland FX’s partnership with Currency Cloud by visiting the Currency Cloud website and accessing their search function located in the “Help Center” under “Broker Search“. Simply enter the term “Rutland FX” into the search bar on the Currency Cloud website, and you’ll find information confirming the partnership. This direct verification method provides reassurance and transparency regarding Rutland FX’s affiliation with Currency Cloud.
Is Currency Cloud Regulated in Any Other Countries?
Yes, Currencycloud is also authorised in Australia, Canada, the Netherlands, and the United States:
- The Currency Cloud Limited is authorised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for the issuing of electronic money with Money Services Business (MSB) registration number M14700991.
- Currencycloud B.V. is authorised by De Nederlandsche Bank (DNB) for the issuing of electronic money with Relation number DNB: R142701.
- For clients based in the United States, payment services are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032). VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (MSB) with FinCEN and a registered Foreign MSB with FINTRAC.
- The Currency Cloud Inc. is registered with FinCEN under registration number 31000206794359 and is licensed for money transmission in multiple states.
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.