Can a third party or agent deposit the Security Sum?

Our contract is with the person or entity from whose account the Security Sum is transferred. We do not accept payments from intermediate Payment Service Providers (PSP). If a third party, for example a family member or parent company, is to be the person giving security we will carry out KYCDD on the third party as well as the party who has been required to give security but our contract will be with the third party person giving security.

If the third party is a managing agent or solicitor acting as agent for the person giving security, we will require evidence of its authority to make such payments. Payments by commercial agents are defined in The Payment Services Regulations (PSR) 2017 as an activity which does not, in itself, constitute a payment service. Our processing of that payment is, nevertheless, a payment service under The Payment Services Regulations.

We do not accept payments from consultants or contractors engaged by the party required to give security.