For your security reasons you have 2FA during logging in and creating payment. To log in into the system after entering login and password, you receive SMS – code on phone number (provided during onboarding).
Paymentz Ltd is an Authorized Payment Institution (API) regulated by the FCA, and therefore we are obliged to safeguard our clients funds. Safeguarding is a distinct process from the Financial Services Compensation Scheme (FSCS) Protection, which is typically offered by financial institutions. The contrast between these two methods of client protection is explained as follows. In the event of insolvency, if you hold funds in an account eligible for FSCS protection, you would be entitled to a maximum payment of £85,000 from the FSCS, even if your loss exceeds this amount. For joint accounts, the maximum payment from the FSCS is £170,000. On the other hand, if your funds are held in a safeguarded account, you would be able to recover all of your funds, subject to any charges imposed by an insolvency practitioner for fund distribution. It is important to note that the administration process for distributing safeguarded funds may take longer compared to a claim under the FSCS.
We use two-factor authentication for logging in and for authorization of outgoing transactions.
You should open our mobile app, go to settings, and turn on 2FA (by entering login, password, and by receiving an SMS – code). Every time when you login and confirming a payment you will get a push notification with a message that is valid for 10 seconds.
In Paymentz web/mobile portal you can see your last logins in the buttom of the page. You can also check details, like date, time, country and IP address of your last logins.