What is Holvi?

Holvi is the checking account for group activities. A Holvi account can be shared with the group, does automated bookkeeping and includes tools for collecting funds for your activities.

How is Holvi regulated?

Holvi is operated by Holvi Payment Services Ltd, a company based in Helsinki, Finland. Holvi is registered with the Financial Supervisory Authority of Finland (FIN-FSA) as a payment services provider.

Holvi is authorised by the FIN-FSA to operate payment accounts and execute payment transactions to, from and between payment accounts.

What laws govern Holvi’s operations?

Providing payment services is a regulated activity within the European Union. All payment service providers (PSPs) operate under the EU Payment Services Directive (2007/64/EC).

In Finland the Payment Services Directive (PSD) is implemented by the Payment Institutions Act (Maksulaitoslaki, 30.4.2010/297 MLL) and Payment Services Act (Maksupalvelulaki, 30.4.2010 MPL).

Holvi is required to identify and verify its customers according to the anti-money laundering and combating terrorism financing laws (Laki rahanpesun ja terrorismin rahoittamisen estämisestä ja selvittämisestä, 18.7.2008/503 ResL). Collecting personally identifiable information is governed by relevant laws (Henkilötietolaki, 22.4.1999/523 HTL).

Where is customers’ money kept?

All funds on the payment accounts of Holvi customers is held in client money accounts at Nordea Pankki Suomi Oyj.

The EU Payment Services Directive and the Payment Institutions Act (Maksulaitoslaki) have clear regulations on how Holvi must segregate and safeguard our customers’ money. In an unlikely insolvency event, the funds held in our customers’ payment accounts are protected from other creditors’ claims and can be repaid to our customers.