Your money is protected
For Customers who opened a Suits Me account from 29th October 2024:
Your Suits Me account is an e-money account provided by IDT Financial Services Limited (trading as IDT). PPS is authorised and regulated by the Gibraltar Financial Services Commission for the issuance of e-money and provision of payment services, IDT is not a bank. Suits me is an agent of IDT.
IDT protects your money through a process known as safeguarding which means that your money is kept separate from IDT’s money and is protected through an insurance policy or similar guarantee. Therefore, your money is not protected through Gibraltar Deposit Scheme (GDGS).
For Customers who opened a Suits Me account before 29th October 2024:
Your e-money issuer, Prepay Technologies Limited (referred to as “PPS” or “EPS” or “PPT”), protects your money through a process known as safeguarding. For an explanation of how your funds are protected, please see the following link:
Regulatory Information | Edenred Payment Solutions
We’ve worked incredibly hard to ensure your account is locked to outside interference, from our inbuilt web browser security measures to our separated accounts. Here’s a description where we try to break down the legal concerns regarding your account security and tell you how we ensure your money is protected above all else.
Legal Requirements
Suits Me® accounts are e-money accounts and are subject to The Electronic Money Regulations 2011. and The Payment Services Regulations 2017.
PrePay Technologies
We are partnered with PrePay Technologies Limited, specialists in e-money processing and payments who are fully authorised by the FCA. They provide Suits Me® accounts, issue e-money and the debit cards we provide to our customers. If you require the name of your bank when setting up payments, you’ll see PrePay Technologies’ address when doing so through the Suits Me® website.