Why use Transpact
Your Money and data is secure
Whereas not all escrow service providers are what they appear to be, Transpact takes security measures extremely seriously so that you can be assured that your money is safe with us. This is absolutely paramount to the service that we provide. Below are the key measures which Transpact takes to ensure that your money is safe:
Your payments are protected by law.
Money you pay into our client accounts is segregated and ring-fenced by the Payment Services Regulations 2017 and can only be used for your benefit. In the event anything happens to Transpact.com, this law totally safeguards your money in these client bank accounts, preventing anyone else having a legal right to the money but you.
Please see Regulation 23 of the Payment Services Regulations 2017.
Your data protection is ensured as it is only held at specialised high security sites.
Transpact clients’ money is held only in segregated client accounts of UK or EU Government guaranteed banks (secured under the UK's FSCS scheme or like EU or other country's arrangements) – currently HSBC (Pounds Sterling and US Dollars) and BoI (Euros).
This means that your money is safe even in the unlikely event that that bank defaults. For Sterling and Dollar accounts the UK Government imposes various conditions to qualify for FSCS such as a maximum of £85,000 aggregated with any one bank - please check the FSCS website. For Euro amounts, see the Irish Government Deposit Guarantee Scheme website.
Transpact uses only the highest quality encrypted web channels. If you see a green (safe) colour in your browser's address bar above, then you are communicating with us through a highly encrypted secure channel which cannot be infiltrated nor misdirected (certified by Network Solutions who can be found by clicking on the green bar).
Why is my address bar not green?
We are Authorised and Regulated by the Financial Conduct Authority under the Payment Service Regulations 2017. Check our registration on the FCA site: Registration Number 546279.
We use the UK's Faster Payments Service (FPS) – with almost immediate payment receipt when you use either telephone or internet banking (nearly all UK banks now offer FPS free of charge to personal customers). For Euro amounts, we use the EU's SEPA payment protocol.
For your security, once a transaction goes live, we will only release payment to another party with your confirmation, enacted by you paying us a small refundable sum from your registered bank account. (If this proves difficult or expensive for you, we may at our discretion remove this requirement on a case by case basis).
Dispute resolution is carried out under the terms of the UK Arbitration Act 1996.
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