Escrow Account

Your Money is Safe

Novalnet is subject to the strict regulatory requirements and requirements of the Federal Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank (DBB). Novalnet has to meet a large number of regulations and compliance requirements set forth, checked and documented by BaFin, DBB and various auditors. For example, Novalnet is obliged to have appropriate risk management and control mechanisms as well as data processing systems that guarantee compliance with the requirements of the Money Laundering Act (GwG) and Regulation (EC) No. 1781/2006.

Novalnet has to also secure the funds received through payment transactions according to special regulations. All transactions are processed through insolvency proof escrow accounts where the funds are always held at these accounts and not with Novalnet. This ensures that the funds are 100% secured and protected from bankruptcy. Settlement via an escrow account ensures that a risk of non-payment by Novalnet is nonexistent.

Novalnet can also open trust accounts for each reseller/partner/affiliate of the merchant (payee). The integrated affiliate management solution helps other partners of the retailer too benefit from these trust accounts.