Payment account information
Who holds your money
Your GloryPay account is a payment account with a Belgian IBAN. It is opened and held by Paynovate SA, Cantersteen 47, 1000 Brussels, Belgium. GloryPay is a brand of Xnity SA, which acts as a registered agent of Paynovate SA.
Paynovate is an electronic money institution, not a bank
Paynovate SA is an electronic money institution authorised by the National Bank of Belgium. It issues electronic money, provides payment accounts and offers a range of payment services.
As an electronic money institution, Paynovate does not offer bank or deposit accounts. Your GloryPay account is therefore a payment account, not a bank account, and it does not earn interest.
No deposit guarantee, but safeguarded funds
Payment accounts held with an electronic money institution are not covered by the Belgian Guarantee Fund, the deposit guarantee scheme that protects deposits with banks.
Instead, client funds are safeguarded in accordance with the applicable regulatory requirements. They are kept segregated from Paynovate's own funds and are protected from claims by Paynovate's creditors.
What this means for you
- You receive and send SEPA payments, use your QR code and your card exactly as before.
- Your balance is electronic money on a payment account, not a bank deposit, and is not covered by the deposit guarantee scheme.
- Your money is held separately from Paynovate's own funds and is protected by law against Paynovate's creditors.
A note on terminology
Where GloryPay, Paynovate or our partners have previously used the words "bank account" or "banking" for your GloryPay account, please read "payment account" and "payment services". This clarification does not change the services you receive.
Questions
Write to support@glorypay.com. More about Paynovate: paynovate.com.