Account Type : An ISX.Money IBAN based account is an electronic money account issued under the European Union’s Electronic Money Directive 2009/EC/110 (“the Directive”). Electronic money accounts are not bank accounts, even though we issue BBAN and IBAN as a means of connecting the ISX.Money IBAN based account to the international banking network by use of a Bank Identifier Code (BIC), such as ISEMCY22XXX.
Safeguarding : The Directive requires that Electronic Money Institutions such as ISX Financial EU PLC (“the Company” or “ISX”), provide safeguards for its customer’s funds that it holds. Customer funds are safeguarded by being held in segregated accounts separate from those that hold Company funds, and are customer funds are held variously between the (Central) Bank of Lithuania, reputable credit institutions within the European Union or for non EURO (€) currency accounts, reputable international banks within equivalent credit risk jurisdictions.
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