If you’re new to Wyre, or online financial services in general, we want to welcome you and assure you that your funds are being handled safely.
Here are some of the key points on how Wyre looks after your funds and ensures secure, reliable payments to your partners around the world.
Licensed and Regulated
USA Consumer Protections
Wyre Payments, Inc. is a federally licensed Money Services Business (MSB) in the USA, registered under FinCEN MSB Registration Number: 31000109787570.
MSBs in the USA are required to comply with both State and Federal Laws. Federal law requires mere registration, but state law requires licensure. A money transmission license is not a right; it’s a privilege, and whether any particular state will consider a business worthy of such a privilege depends entirely on the state in question.
The state regulations and licenses are created for a wide variety of reasons:
- Offers consumers protection and governing party when issues arise
- Creates a vetting process to limit "bad actors" from entering the industry
- Ensures that "good actors" have the correct process and capital requirements needed to provide financial services
Obtaining these licenses is a complex and long process but they are very beneficial to all state residents.
In a nutshell, Wyre has been (and constantly is) financially audited to ensure that we have every single dollar that's deposited from our consumers and each state has trusted us with the responsibility to provide financial services to their state residents.
Details of our license can be verified at https://www.fincen.gov/msb-state-selector
Additionally, Wyre Payments has applications awaiting license approval in many states and have been granted to others. The best place to see the latest view of our state licenses is here:https://www.sendwyre.com/user-agreement
As part of our licensure, all US-based USD funds are held with FDIC federally-insured bank account with our partnered bank, Silvergate Bank, based out of California, USA.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the depositor's place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government and since its inception in 1933, no depositor has lost a penny of FDIC-insured funds.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Hong Kong Consumer Protections
Wyre Payments CSC Limited, is a licensed Money Service Operator (MSO) within Hong Kong. All non-US funds are deposited into our bank account in Hong Kong and are regulated through our Hong Kong entity.
Very similar to the United States, the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Cap. 615 (AMLO) imposes strict compliance standards and requirements for customer due diligence and record-keeping. Under the AMLO, a person who wishes to operate a remittance and/or money changing service must apply for a license to the Commissioner of Customs & Excise (CCE) and be subject to its enforcement.
This not only helps assure the quality standard of Money Service Operators, but also combats the unlicensed operation of money services.
Details of our license can be verified at: https://eservices.customs.gov.hk/MSOS/wsrh/001s1?searchBy=W
Wyre has been a trusted partner in cross-border payments and since its founding, it has processed over $1 billion in cross-border payments. Wyre currently powers many large money transfer companies worldwide and regular businesses paying their suppliers across the globe.
Wyre also boasts some of the finest investors in both the US and China: Amphora Capital(安芙兰资本), 9fBank (玖富), Draper Associates, Digital Currency Group and Blockchain Capital. They are supporting Wyre’s expansion thanks to our track record of trust and delivering on our promises.
As part of our regulation, the security of your data is just as important as the security of your funds. This is reviewed carefully by regulators when they are looking to provide Wyre the rights to access sensitive information of residents in their jurisdictions.
We store all customer data on servers using bank-grade encryption, where only essential staff have need-to-know access rights. Across our organization, we employ stringent internal customer data protection policies.
At Wyre, we're not only transparent about our transaction fees and delivery process, we also take pride in our team's visibility. Everyone, especially our founders, are public-facing and accountable. You may even find them answering live support tickets now and then!
Although blockchain is an emerging technology, our systems are actually more reliable than traditional cross-border payment services. Payments through traditional providers have a habit of getting lost or stuck in the system - these issues can take weeks to resolve.
Blockchain, on the other hand, allows us to compress the entire payment process, drop the antiquated international banking networks, and cut out the long chain of middlemen. This means that when payment problems do occur, they can be identified and resolved immediately.