How SAFENED works
SAFENED allows wealth managers to allocate their clients’ term deposits over multiple North Western European banks in multiple EU countries under several deposit guarantee schemes in a very cost efficient manner. SAFENED does not offer its services directly to the end client, being the High Net Worth Individual.
Multiple Banks and Wealth Managers in Multiple Countries
SAFENED has built, and is continuing to build, a European network of Partner Banks. Currently, the Partner Banks are located in the United Kingdom, Scandinavia, the Benelux, Germany and France, whilst the wealth managers are and can be based in all countries of the EU. Only banks and wealth managers who are financially sound and of good reputation can join the SAFENED network.
SAFENED can, if needed, administer and assess allocations and placements, offer transparent statements and supply your Deposit Guarantee Schedules which you have to submit regularly to your regulator.
One Know-Your-Customer (KYC) process
A critical element of the SAFENED business model is a single onboarding process through a standardized customer due diligence policy covering the requirements of Partner Banks (and their regulators) in our core markets. The Wealth Manager (an EU regulated financial institution) has already onboarded a client and provides SAFENED with a KYC file containing the information required for using the SAFENED platform. SAFENED only offers its services to EU residents with an EU bank account and as such the platform is a closed loop system. (Cash transfers only to and from ‘known’ accounts.)