Security and protection
Yes, your personal information is secure with Ontime. We take your privacy very seriously and use bank-level security measures to protect your data. We do not share your information with third parties except when it's necessary to provide our services to you. We will always be transparent with you about how we use your information. We will not sell your data to other organisations.
Under the General Data Protection Regulation (UK), you have the right to ask us to delete your personal data at any time. You can also request a copy of all the information we hold about you.
We promise to respect your rights and keep your information secure and confidential.
If you want to know more about how we handle your data, please see our privacy policy
Your provider has chosen Ontime to help you stay on track with your payments. They have got to know us, checked out our credentials and are excited to offer Ontime to their customers.
We are a distributor of Modulr, who is regulated by the Financial Conduct Authority (FCA). They're on the FCA website. Modulr put us through three months of checks on our business and team before they accepted us as a partner.
If you're still worried that Ontime might be a scam, you can find the Directors on Companies House and on LinkedIn (Frank, Miles, Simon, Tim). We’ve been building products to help people with their money for many years.
You do. Your Ontime e-money account is in your name—the money that is held in that account belongs to you.
Unlike high-street banks, our partner, Modulr doesn't do anything risky with your money - they just hold it for you at the Bank Of England.
Modulr provides your Ontime e-money account. Modulr is an Electronic Money Institution. This means the FCA allows Modulr to create e-money accounts and to send and receive payments. The law requires Modulr to protect your money. This protection is called safeguarding. Below we've explained what Modulr does to protect your money.
Safeguarding Process
The law requires Modulr to 'safeguard' your money.
This means:
- Modulr stores 100% of your funds in an account that is separate from Modulr's own funds
- So, if £100 is sent to your Ontime account, Modulr would store £100 in a safeguarding account
- The safeguarded funds cannot be used for any other purposes
- These funds are completely separate from the money Modulr uses to run its business
Extra Protections
- Modulr must hold an extra 2% of the total value of safeguarded money in its own separate funds as an extra buffer
- So, when £100 is sent to your Ontime account, Modulr needs to store an extra £2 in its own funds as a buffer
- Safeguarded funds are held in accounts at the Bank of England or other banks
Who Makes Sure Modulr is Doing the Right Thing?
- The Financial Conduct Authority sets out the rules for Modulr to follow and makes sure they stick to them
- An independent firm reviews Modulr's safeguarding processes every year
In Case of Insolvency
If Modulr becomes insolvent:
- Customer funds are kept separate from Modulr's own funds. These funds are protected from creditors (organisations and people who Modulr owes money to)
- An independent insolvency practitioner would be responsible for sending you your money
Modulr accounts are not covered by the FSCS scheme. However, the FCA has designed the safeguarding requirements to protect all your money.
No financial system is without risk. The good news is that Modulr has strong safeguards in place to protect your money in your e-money account.