How Secure is Wyre?

Wyre is a licensed and regulated MSB, whose security and transparency makes us a trusted partner to many companies.

Updated on 4/1/2022

 

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. Typically, Wyre does not hold your funds on our site, but it is our mission to ensure that the assets you purchase through our partners are delivered to you in a safe and efficient manner.

 

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: 31000204884368. 

 

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 a privilege, and each state is responsible for approving corporations for licensure. This approval is contingent on meeting a set of strict requirements, and Wyre is pleased to have met these requirements. 

 

The state regulations and licenses are created in order to:

  1. Offer consumers protection when issues arise
  2. Create a vetting process to limit "bad actors" from entering the industry
  3. Ensure 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.

 

Wyre regularly undergoes financial audits to ensure that all of our consumers’ assets are protected and accounted for. 

Details of our license can be verified at https://www.fincen.gov/msb-state-selector

 

Additionally, Wyre Payments has applications awaiting license approval in some states. You can see the latest status of our state licenses here: https://www.sendwyre.com/user-agreement

 

Trusted Partner

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.

 

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 it 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

 

 

Data Security

As part of our regulation, the security of your data is just as important as the security of your funds. Everything is carefully reviewed 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. This means that only essential staff are granted need-to-know access. Across our organization, we employ stringent internal customer data protection policies.

 

Transparency 

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, is public-facing and accountable.

 

Blockchain

Blockchain is an emerging technology, and with it, our systems are even more reliable than traditional cross-border payment services.

 

Blockchain technology 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, we can identify and resolve them immediately.

 

Still have questions? Our Support Team would be happy to help you! Contact us HERE.

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