General Terms and Conditions
These General Terms and Conditions (hereinafter the “General Terms and Conditions”) establish a general basis for the legal relations between Silverbird Global Limited (hereinafter “Silverbird”) and its client (hereinafter “Client”). These General Terms and Conditions stipulate the general principles for the business conducted between the Client and Silverbird and are part of the Service Agreements concluded between Silverbird and the Client.
These General Terms and Conditions shall be applicable in respect of all contractual relations established prior to and continuing on the date of entry into force of the General Terms and Conditions. If the General Terms and Conditions are in conflict with the Service Agreement, the provisions of the Service Agreement shall prevail. The Client confirms that the General Terms and Conditions have been examined and agrees with them and undertakes to follow them at all times.
The Client reserves the right to request a copy of the General Terms and Conditions or Service Agreement at any time by contacting Silverbird using the contact details provided or by visiting the website at www.silverbird.com
Information on the service provider Silverbird Global Limited (hereinafter “Silverbird”) is a United Kingdom private company limited by shares, registered under No. 12585400 with Companies House; its principal place of business is 1 Kings Avenue, London, N21 3NA, United Kingdom. The head office’s business address is Level39, One Canada Square, Canary Wharf, London, E14 5AB.
Silverbird Global Limited is not a bank, the Silverbird account is an e-money account enabled by Railsbank Technology Limited. Railsbank holds an amount equivalent to the money in Silverbird current accounts in safeguarding accounts with UK and EU banks.
Silverbrid Global Limited is currently authorised to provide regulated financial services through Railsbank’s wholly owned subsidiary PayrNet Limited – an authorised payment institution regulated by the Financial Conduct Authority of United Kingdom (hereinafter “FCA”). PayrNet Ltd is entered on the Financial Services Register under the registration number 900594, which can be verified by visiting the FCA’s website www.fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768.
Silverbird’s main services are the following:
issuing invoices and receiving payments via bank transfers;
processing payments, including issuing e-money, accepting and initiating bank transfers;
foreign exchange transactions;
SILVERBIRD IS NOT A BANK, THE SILVERBIRD ACCOUNT IS AN E-MONEY ACCOUNT ENABLED BY RAILSBANK TECHNOLOGIES. FUNDS ON THE CLIENT’S PAYMENT ACCOUNT SHALL NOT BE DEEMED TO BE A DEPOSIT. FUNDS ON THE CLIENT’S PAYMENT ACCOUNT MAY BE USED ONLY FOR THE EXECUTION OF PAYMENT TRANSACTIONS.
SILVERBIRD ACTIVITIES ARE LIMITED TO PAYMENT SERVICES, MONEY ON CLIENT ACCOUNTS ARE NOT PROTECTED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) OR OTHER SIMILAR DEPOSIT GUARANTEE INSTRUMENTS. INSTEAD, CLIENT FUNDS IN TRANSIT ARE KEPT ON SAFEGUARDING ACCOUNTS WITH REPUTABLE CREDIT INSTITUTIONS.
Silverbird may, from time to time offer its Clients other products and services such as debit and prepaid cards, loans, investments, insurance, currency conversion, credit and savings products, which are provided by our partner third parties, duly licensed credit institutions, insurance companies, broker dealers, etc. For the use of any such additional service, the Client may have to accept additional terms and conditions of our partner third parties as notified to the Client when ordering or using such product and services.
Third Party Services
In addition to Silverbird, third parties also provide the Client with their services through Silverbird. Silverbird does not bear any liability for the services of third parties. Silverbird does not act as a broker or intermediary for any services provided by third parties; it merely provides third parties with an opportunity to provide their services via the platform developed and managed by Silverbird. Third Party Services may be governed by their own terms and conditions which supplement these terms of service and which the Client accepts in connection with the subscription of the respective service. Some Third Party Services entail the Client entering into a direct agreement with the third party, in which case the Client’s rights and obligations in respect of the Third Party Service are solely specified in such agreements. In case of any conflict between the supplementary terms or third party terms and the conditions and these General Terms and Conditions, the supplementary terms or third party terms and conditions shall prevail. Under no circumstances, will Silverbird be liable to the Client or anyone else for any decision made or action taken in reliance on the information from the Third Party Services.
The Client can use the Open API as part of the Services. This can be activated via the instructions posted on Silverbird Electronic Channels after complying with which the Client will gain access to a Personal API Key. Anyone who obtains access credentials to the Open API through the Personal API Key could use it to perform Operations. If the Client notices misuse, theft or unauthorised use of the Open API or any other activity that makes the Client suspicious, the Client must contact Silverbird immediately in accordance to the Section “Notices to Silverbird”.
In instances where Silverbird suspects that there are concerns with regard to: security, unauthorised, and/or fraudulent use, Silverbird has right to stop or suspend the Client’s access to the Open API. Silverbird shall not bear any liability for any losses incurred as a consequence of any unauthorised access gained as a result of the Client not following security guidelines reasonably, taking reasonable measures to preserve confidentiality of access to Personal API Key, storing the Personal API Key outside of the Silverbird Electronic Channels. Please see supplied guidance, Website, and/or Silverbird Electronic Channels for more information relating to the Open API and manner in which it can be used.
The orders given to Silverbird by the Client must be unambiguous and executable. The Client shall confirm all Operations performed by using the Client Credentials or in another manner required by Silverbird (e.g. by signing a hard copy) and such confirmation shall be deemed as the Client’s consent to the performance of the respective Operation.
The Client submits its orders to Silverbird electronically or in another manner agreed between Silverbird and the Client and in the form developed by Silverbird (e.g. electronically being logged into the Electronic Channels).
In connection with any Payment Operation, the Client shall provide Silverbird with accurate, complete, clear information, Silverbird being authorized to act based on the information contained in the Payment Order. Silverbird has the right to request documents deemed necessary to ensure compliance with legal requirements and Silverbird’s procedures. The Client is responsible for obtaining all necessary authorisations and approvals, as well as for providing Silverbird with the documents required for the execution of the Payment Operation, in a timely manner.
Silverbird will enable the Client to make Payment Operations only based on the consent of the persons authorized by the Client in this respect, as they are identified in the special forms registered by Silverbird, according to the signature policy and transaction limits set for the Client and in force on the date of their performance and expressed in the contractual arrangements, depending on the used Payment Instrument.
The limits of amounts for execution of Payment Operations set by Silverbird, the cut-off times, the exchange rate or interest rate used by Silverbird shall be subject to change without prior notice and shall be immediately applied and made available in the Electronic Channels.
The forms of orders are available in the Electronic Channels. The Client ensures that its orders are prepared, confirmed and submitted in accordance with the applicable legislation, the General Terms and Conditions of the Service Agreement and other relevant requirements, customs and practices applicable to that order. By submitting an order, the Client unconditionally and irrevocably consents to the Payment Operation to be made under the given order.
If the Client makes an Operation or uses its Payment Account via Third Party Services (e.g. e-wallets), PISP, or AISP, authorisation of Payment Order will be completed and submitted to Silverbird in accordance with the conditions regulating the Third Party Services, PISP, or AISP (e.g. by using security credentials and means applicable to the Third Party Services, PISP, or AISP) and any other applicable guidelines and rules established by Silverbird.
Silverbird processes payments according to the rules of the national or international payment systems, which mention different execution times depending on the currency, amount, country of the payment’s beneficiary, date and time of presenting the Payment Order. Silverbird accepts Payment Orders for processing within the cut-off times set by Silverbird and sends the Client’s payment instructions within the deadlines provided by the legislation in force.
The Client’s account will not be debited before sending or displaying a confirmation of the payment order on the Silverbird Electronic Channels.
Security Guidelines concerning the use of the Payment Instrument will be published by Silverbird on Silverbird’s Homepage and/or Silverbird Electronic Channels. For security purposes, Silverbird may demand that different Client Credentials or their combinations be used for different transactions and limits.
The Client must follow the security guidelines published by Silverbird from time to time relating to the security protection of its Payment Accounts. Silverbird shall not be liable for any loss or damages in case the Client does not follow the security guidelines published by Silverbird.
If the Client uses its Payment Account via Third Party Services (e.g. e-wallets) the Client must follow the security guidelines applicable to Third Party Service.
Restrictions on use of services
Silverbird will be entitled not to execute a Payment Order if it has a suspicion that it has not been duly authorized by the Client or that the Client’s general security procedures have been infringed and / or the Security Elements of the Payment instrument used were lost / stolen / disclosed to unauthorized persons / inadequately used, Silverbird shall initiate any verification action in this respect, subject to the applicable legislation in the field.
Silverbird shall block the Services on the request of a third party only in the cases and pursuant to the procedure provided by law. Silverbird shall release the Service from blocking on the basis of the resolution of the competent body, or the respective judicial decision which has entered into force.
Silverbird shall have the right to block the Service if:
Silverbird suspects the Client of money laundering, terrorist financing or other crime or illegal activity (e.g. fraud);
the Client has not submitted data or documents requested by Silverbird in due time;
Silverbird has become aware of any circumstances which have caused the necessity to examine the legal origin of the Client’s funds or assets;
Silverbird is notified of the Client’s death;
according to Silverbird’s opinion, freezing of an account is necessary in order to prevent damage to the Client, Silverbird or a third person;
there is suspicion that the Client’s Credentials have been used without the Client’s consent or these are stolen;
there is suspicion that the Client’s Credentials have been used to commit fraud.
Silverbirdwill inform the Client regarding the justified refusal of executing a Payment Order and, if possible and not prohibited by the law, the reasons and remedies, Silverbird not being responsible for any consequences of not executing a Payment Order due to the conditions mentioned above. Silverbird shall not be held liable for any damage arising from the blocking of the Client’s Payment Account.
Security and Fraud Protection
The Client is liable for the Security Elements related to electronic Payment instruments through which he executes Operations, purpose in which it will take all necessary measures to ensure their security, to prevent fraud and/or improper use thereof, as required by this document and in the specific contracts and will not transmit/ disclose them to third parties, except for the authorized Third Party PSPs, who are allowed, under the conditions of the law, to rely on the authentication procedures of Silverbird when providing payment services to the Silverbird’s Clients, as they are mentioned herein. The consequences of inappropriate use by the Client of any means of communication and data transfer, electronic Payment Operations will be entirely at his own expense and risk.
Silverbird advises Clients to take all reasonable measures to keep the Payment instruments, tools and devices used to make payments safe. This includes creating strong passwords, protecting the password and credentials through the use of Password Managers or other secure means of storage, and refrain from sharing the login and authorisation credentials with anyone else. Silverbird recommends the use of team members access and permissions available to grant access and issue individual credentials for any other authorised users of the Payment instruments. The Clients must not do anything that would let someone else use a payment tool such as writing the credentials down in an obvious way, giving anyone else access to devices that the credentials are stored on or easily accessible from. Silverbird will, from time to time, reach out to the Client with reminders or advice on protecting their account.
The Client has the obligation to notify Silverbird immediately if he becomes aware of the loss, theft of own Security Elements, the use without right of his Payment instrument or any other unauthorized use thereof, the registration of unauthorized transactions in their own account. The notification must be sent to contact options made available by Silverbird. Until the receipt of the notification by Silverbird, the Client is fully liable and will bear any loss and/or damage resulting from an unauthorized Payment Operation as a result of any of the situations mentioned.
As a result of the notification made by the Client and in cases when there are objectively justified reasons related to the security of the Payment instrument or there is a suspicion of unauthorized/ fraudulent use of the Payment instrument, Silverbird shall block the Payment instrument and shall not be liable for any losses suffered by the Client as a result of inappropriate use of the instrument until the receipt of the notification from the Client, respectively until the moment of blocking the Payment instrument following the decision from Silverbird. The Client will incur the losses related to any unauthorized Payment Operations resulting from the use of a lost or stolen Payment instrument as well as the losses resulting from the unauthorized use of the Payment instrument in case the personalized Security Elements have not been kept secure, until the moment of the notification.
Silverbirdwill notify the Client in case of suspected fraud or real estate fraud or in the event of security threats to a service and/or Payment Instrument, in accordance with its internal procedures, as well as the blocking of the Payment Instrument and its reasons, as soon as possible, unless the disclosure of such information adversely affects the security reasons objectively justified or is prohibited by other relevant legal provisions. According to the legal provisions, Silverbird may use any means of communications in order to inform the Client in case of unavailability of any payment service.
Silverbird uses the latest online security measures to make sure that the Customer’s personal information and privacy stay safe. This includes but is not limited to the following:
Silverbird will ask the Client to confirm identity using the current security procedures. Silverbird will request certain information (such as answers to questions), some of the digits of certain passcodes, or codes generated by Two-Factor Authentication known only to the Client.
Silverbird does everything they can to make sure that Electronic Channels are as safe as they can be. Including keeping records of any online messages, instructions, or transactions shared through the Electronic Channels, including the time they took place.
All websites are encrypted – next to the web address the Client will see a padlock icon showing that it is a secure connection.
Depending on the type of Electronic Channels, users are authenticated with Two-Factor Authentication. If the Client receives an authentication code without having initiated an Operation, they should contact Silverbird as soon as possible.
Silverbird uses systems that identify any potential malware or phishing attacks to protect Client accounts. Silverbird’s fraud-detection systems help to identify any unusual transactions on the Client’s account and have measures in place to prevent fraud, money laundering and terrorist activity.
Silverbird must also respect any restrictions imposed by the UK Government or by the international community on providing payment and other banking services to individuals or organisations currently included in any relevant sanctions or embargo list. This may involve Silverbird in investigating or intercepting payments into and out of the Client’s account. Silverbird may also need to investigate the source of the funds or the intended payee. This may delay carrying out payment instructions or the receiving of cleared funds. Where possible, Silverbird will tell the Client the reasons for and likely length of any delay.
The Silverbird Partner Program
The Silverbird Partner Program is governed by a separate set of terms which can be found here.
Limits on and restrictions of use of Services
Silverbird has the right to establish amount limitations for certain Operations. The Client has the right to request increase of the limitations established by Silverbird to the extent and pursuant to the terms and procedures established by Silverbird.
Prevention of money laundering and terrorism financing
Silverbird at all times adheres to its Know-Your-Customer (KYC) principles upon the establishment of and during the business relationship with the Client. Under the KYC principles, the Client must be identified and the appropriateness of transactions must be assessed based on the Client’s principal business and/or prior pattern of transactions. Silverbird has the right to request additional information (e.g. documents serving as grounds for the transaction) from the Client to allow it to comply with its anti-money laundering obligations (e.g. information concerning the owners and ultimate beneficiaries of the Client and the Client’s business activity, including data on the contractual partners, turnover, the share of cash and non-cash transactions, frequency of transactions, etc.). The Client agrees to immediately comply with and without any undue delay grant all needed information and documents related to any request for further information that Silverbird reasonably requires. If the Client, regardless of the respective request, does not submit to Silverbird the documents and relevant information requested by Silverbird, the Client shall be deemed to have fundamentally breached the Service Agreement and Silverbird may, without following the terms of prior notification, extraordinarily terminate the Service Agreement and any other agreement which serves as a basis for the business relationship.
Product and Service fees
Silverbird shall have the right to receive and the Client shall be obliged to pay for the rendered Service fees, established in the General Terms and Conditions and/ the Price List. The Client shall be obliged to keep a sufficient amount of money on the Payment Account so that Silverbird can debit the Payment Account with all service fees and other sums and arrears payable. If Payment Account as a consequence of any action undertaken by the Client has a negative balance, the Client shall immediately without requirement of any notification from the side of Silverbird correct such balance, so it would be more or equal to zero. Silverbird may send notifications or take any other reasonable actions to recover such negative balance from the Client, including but not limited to employing debt collection services or instituting a legal action. Silverbird may charge the Client for reasonable costs incurred subsequently to any measures undertaken in this respect.
After the 30 days trial period ends (if applicable), Silverbird debits the monthly fee once a month in advance for the upcoming fee period. The fee period is 30 consecutive calendar days, based on a 360 day calendar year. For example, if the trial period ends on February 2nd, then the monthly fee will be charged on the same day. From then on, Silverbird will charge the monthly fee on 2nd date each month. The Price List in force at any given time is available via Silverbird’s Electronic Channels. Silverbird may unilaterally amend the Price List at any time. The Client shall be notified of the amendment in accordance with the “Notices to the Client” section. The amendment enters into force on the date set out in the notice.
Termination of the business relationship
The Client has the right to terminate the business relationship with immediate effect at any time by means of notice to Silverbird in accordance with the “Notices to the Client” section.
Silverbird has the right to terminate the business relationship for convenience at any time by giving one (1) month notice to the Client.
Silverbird has the right to terminate the business relationship with immediate effect in the event that:
Silverbird suspects the Client of money laundering or terrorist financing;
the Client has submitted incorrect, misleading or insufficient data or documents to Silverbird or refuses to submit the requested data or documents in due time;
Silverbird suspects the Client of using Services in any restricted or prohibited activities or other illegal activities;
the Client has intentionally or due to gross negligence failed to perform its obligation arising from the General Terms and Conditions;
Silverbird is requested or directed to do so by any competent court, governmental authority, public agency or law enforcement agency;
the Client has not used the Payment Account (i.e. given the orders to use the funds for payment transaction) in 60 consecutive calendar days.
In connection with the use of the Electronic Channels or the Services, or in the course of the Client’s interactions with Silverbird, the following activities are restricted at all times:
causing a disproportionate number of claims that have been closed in favour of the claimant regarding the Client’s activities;
using the Services in connection with illegal products or services and/or stolen goods including digital and virtual goods;
transactions with sanctioned counterparties;
any activity or omission that violates any law, statute, ordinance, regulation or good faith;
any activity or omission that violates the terms and conditions established by Silverbird.
Suspending the use of Services
Silverbird reserves the right to change, suspend or discontinue any aspect of the Services at any time, including, but not limited to hours of operation or availability, Third Party Services, or any feature, without any notice and not subject to any liability. Where it is possible Silverbird shall notify Client in a timely manner regarding such change, suspension or discontinuance of any aspect of Services.
The Services of Silverbird are provided on an “as is”, “as available” basis and without any representation or warranty, whether express, implied or statutory. Silverbird does not warrant that the Services will be uninterrupted or error free (except where required by law).
Responsibility for loss or damage
Silverbird does not exclude or limit any liability where it would be unlawful to do so, it includes instances of death or personal injury caused by negligence, fraud and/or misrepresentation.
Silverbird is responsible for loss or damage that Client suffers that is a foreseeable result of Silverbird breaking these General Terms and Conditions. Silverbird shall bear no liability and shall not be liable for any loss or damage that is not foreseeable. The foreseeable loss or damage as understood under these General Terms and Conditions is any loss or damage that was obvious to occur consequently to actions or gross negligence.
Silverbird cannot be held liable for inability to deliver or for delay as a result of things which are outside of Silverbird’s control.
Silverbird shall not be held liable for any interruption to the provision of Services which occurred subsequently to Silverbird following with its legal obligations.
If the Client uses Services for any commercial or business purpose Silverbird shall not be liable towards the Client for any loss of profit, loss of anticipated savings, loss of reputation, loss of business, business interruption, or loss of business opportunity.
In case of an unauthorised payment or mistake due to Silverbird’s error, Silverbird shall at the request of the Client immediately refund the payment amount including all fees deducted by Silverbird. This shall not apply to the situations where:
The Client has acted fraudulently, in which case Silverbird shall not refund the Client in any circumstances. In such a case the Client shall be solely liable for all losses;
The Client did not notify Silverbird in a timely manner of security issues with Payment Account (e.g. loss of Payment Instrument), the Client remains liable for any losses incurred up to the time when the notification was received by Silverbird;
The payment was unauthorised but the Client either with intent or gross negligence had compromised the security of the Payment Account or failed to comply with its obligations for use of the Payment Account in the manner set out in these General Terms and Conditions; or
The Client did not notify Silverbird about the unauthorised or incorrectly completed transaction within 13 months from the date of the Operation. In such a case the Client shall be solely responsible for all losses.
It is the responsibility of the Client to regularly monitor its Payment Account and to inform Silverbird of any unauthorised transactions, inconsistencies or concerns.
Silverbird assumes no responsibility for the content of any third party websites which can be linked to and from Silverbird’s web page and/or any loss or damage that may arise from their use.
Silverbird shall not be liable for any loss or damage caused by any malware, virus, or other technological attacks or harmful material that may infect the Client’s computer equipment, computer programs, phone, other portable electronic devices, data or other proprietary material related to the use of Services.
The Client is liable for breaking these General Terms and Conditions and/or applicable laws and/or regulations. In case of loss or claims or damages or costs and expenses arising out of its breach of these General Terms and Conditions, any applicable law or regulation and/or use of Services, the Client agrees to compensate Silverbird and hold Silverbird harmless.
Without prejudice to other limitations of liability in these General Terms and Conditions, any applicable law or regulation and/or use of Services, if Silverbird is liable for non-performance or defective execution of a Payment Transaction, it will refund to the Client the amount of that transaction without delay, or immediately credits the corresponding amount in the Beneficiary Client’s account, as the case may be. If the Client identifies an unauthorized or incorrectly executed Payment Operation, he will notify Silverbird in order to correct it, as soon as possible, but not later than 3 (three) months from the date of debiting the respective Payment Operation.
Silverbird is liable only in case of gross negligence or intentional infringement of its obligations and only within the limit of the effective direct loss suffered by the Client as a result of failing to perform the Payment Operation.
Any Section, Clause and/or provision of these General Terms and Conditions operates separately. If any Section, Clause and/or provision in any way contravenes the law of any country, state or province, or the laws of any sovereignty or government in which these General Terms and Conditions are in effect shall, in such country, state or province, or sovereignty or government, as the case may be, to the extent of such contravention of law, be deemed severable and shall not affect any other Section, Clause and/or provision herein or the validity hereof. If any court or relevant authority decides that any Section, Clause and/or provision is in such contravention, the remaining Clauses, Sections, and/or paragraphs will remain in full force and effect while affording intended rights and/or obligations.
Account Information Service Provider (AISP): third party service provider which collects customer and account data for analysis and aggregation purposes, by means of Open API. Payment Account: a Payment Account opened by Silverbird for the Client on the basis of the Payment Account Agreement for executing a payment transaction. Payment Account Agreement: an agreement for the use of the Payment Account. Client: a natural or legal person who uses, has used or has expressed his, her or its wish to use the Services of Silverbird. Services: a service rendered by Silverbird to a Client (incl. any payment service, Payment Account and Payment instrument). Service Agreement: the agreement regulating the terms and conditions applicable to a certain Service. Third Party Services: third party services made available to Client through the Silverbird Electronic Channels. Electronic Channels: electronic channels developed and managed by Silverbird or its subsidiaries which allow the Client to make Operations or manage its Payment Account (e.g. website, mobile application, another digital interface and/or electronic channels) Client Credentials: the username and the password chosen by the Client or other credentials granted for the Client by Silverbird or a third person. 'Payment instrument' means any personalised device and/ or set of procedures agreed between the Client and Silverbird and used to initiate a Payment Order; Payment Operation: action initiated by the payer/ beneficiary of the payment, in order to deposit, transfer or withdraw funds, independent of any subsequent obligation between the Payer and the Beneficiary; Payment Order: instruction given by the payer/ beneficiary to the requesting the execution of a Payment Operation; Price List: valid price list or pricing page established by Silverbird: https://silverbird.com/pricing Silverbird’s Homepage: Silverbird’s website available at www.silverbird.com Security Elements represent personalised features provided by Silverbird the users of Payment instruments with remote access of internet-banking for the purposes of authentication, consisting in information and/or devices (such as, but not limited to codes, passwords, PIN code/ Security Code/ OTP); Personal API Key: is a code calling an Open API to identify the Client. Payment Initiation Service Provider (PISP): third party service provider which offers transaction initiation services by means of Open API. Operation: the use of the assets on the Payment Account (e.g. drafting, confirming and submitting payment orders), the use of functions, concluding any agreement, granting any authorisation, exchanging information and documents, establishing limits and Restrictions and using any other services or functions of, or made available by Silverbird or a third party. Open API: the access to the application programming interface which allows Client to submit orders or view transaction history with the help of Personal API Key. Restriction: the restriction on the use of the Services based on specific parameters (device, connection, location, time, amount limitation or other).
Get an invite
Silverbird will launch to the world this spring once we've put the finishing touches. Sign up for the private beta access now, and we'll email you an invitation in the coming weeks.
Get an invite
Silverbird will launch to the world this spring once we've put the finishing touches. Sign up for the private beta access now, and we'll email you an invitation in the coming weeks.
Theropod Platform Limited designs and operates the Silverbird website and related products. Silverbird Global Limited operates the website and Theropod Banking Platform. Silverbird Global Limited (12585400) is not a bank, the Silverbird account is an e-money account provided by PayrNet Limited (09883437), a company registered in England and Wales licensed as an Authorised Payment Institution under the licence Nr.900594 issued by the Financial Conduct Authority of United Kingdom. PayrNet Limited holds an amount equivalent to the money in Silverbird current accounts in safeguarding accounts with UK and EU banks which gives customers insolvency protection.