Pockit launches Income Advance product - Finextra

The Pockit Card is issued by PSI-Pay Ltd pursuant to a license by Mastercard® International Inc. Funds held within the Pockit account are issued by PSI-Pay Ltd, authorised and regulated by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (FRN 900011) for the issuing of electronic money.

Access to payments including FPS, BACS, CHAPS and Direct Debits and associated electronic money accounts are provided by Modulr FS Limited. Pockit Limited is a distributor of Modulr FS Limited, a company Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services.

Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see UK Safeguarding Explanation.