When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called VISA Direct (previously CurrencyCloud). In line with regulatory requirements, VISA Direct safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of VISA Direct’s, or our, insolvency. VISA Direct stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.