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Financial Products & Real Estate Regulation
For Investors: Fund Your Capital Call
When your investment manager sends you a payment request to fund your capital call, you will receive an email notification from no-reply@covercy.com or from your investment manager with "Payment request" at the title. You can click "Create Transfer" and follow the on-screen instructions to complete the transfer.
The financial services provider serving your transaction will be determined according to your location:
United Kingdom (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Europe Ltd.
Israel (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Technological Trading Ltd.
For Investment Firms: Distributions Payments & Escrow Accounts
Online Distribution Payments
To efficiently & securely control your investments, you can issue Online Distribution Payments directly from Covercy GP.
Learn more about using Covercy to manage & pay your distributions.
We will typically determine your financial service provider according to the location of your fund or investment syndicate:
United Kingdom:
Payment services are provided by our affiliate Covercy Europe Ltd.
United States:
We will open an account under your fund or syndicate name at Community Federal Savings Bank (under sponsorship), into which you will fund your transactions. Funds are then held in a segregated bank account by our commercial partner The Currency Cloud Limited for the completion of all payments.
European Economic Area:
Funds are held in a segregated bank account by our commercial partner The Currency Cloud Limited, from which our affiliate Covercy Europe Ltd processes all payments.
Israel:
Payment services are provided by our affiliate Covercy Technological Trading Ltd.
Capital Raise Escrow Account
If your capital raise takes more than a few days, you may choose to securely hold your investors' funds in a dedicated escrow account, where your lawyer (or anyone else you designate) will be the signatory who confirms closing and release of funds.
Your investors will fund their capital call transactions as described above.
These funds will be automatically placed in a designated segregated bank account by our commercial partner The Currency Cloud Limited. Once closing is confirmed (or cancelled), processing the funding instructions will be done by our affiliate Covercy Europe Ltd.
For Everyone: Transfer Money Abroad
You can instruct generic (non-investment-related) cross border and/or cross-currency transactions using our payment platform.
Learn more about using Covercy to Transfer Money Abroad.
The financial services provider serving your transaction will be determined according to your location:
United Kingdom (Corporates & Individuals) and European Economic Area (Corporates only):
Payment services are provided by our affiliate Covercy Europe Ltd, and some are processed by our commercial partner, the Currency Cloud Limited (UK customers), and CurrencyCloud B.V. (EEA customers).
When CurrencyCloud is a counterparty receiving your funds and these funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called CurrencyCloud. In line with regulatory requirements, CurrencyCloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of CurrencyCloud's, or our, insolvency. CurrencyCloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary's account.
United States (Corporates & Individuals):
Some corporate customers are receiving services from our commercial partners Community Federal Savings Bank (under sponsorship) or The Currency Cloud Inc.
Israel (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Technological Trading Ltd.
Our Affiliates
Covercy Europe Ltd
Regulated by the UK FCA as an "Authorised Payment Institution", Firm Reference: 675000.
Covercy Technological Trading Ltd
Permitted by the Israel Capital Markets Authority to provide "Financial Services in an Extended Scope", Company Number: 515200657.
Our Commercial Partners
The Currency Cloud Limited
Regulated by the UK FCA as an "Authorized Electronic Money Institution", Firm Reference: 900199.
Services may be provided in the United States under sponsorship by Community Federal Savings Bank, to which The Currency Cloud Limited is a service provider, or by The Currency Cloud Inc., registered with FinCEN under MSB Registration Number: 31000177947248 and licensed for money transmission in 44 states.