The safety of Settle and why your money will never go missing

Payments in the time of COVID-19
May 26, 2020
It’s been a big few days in the world of mobile payments…
July 22, 2020

Six people who use Settle in Croatia transferred sums of money which were delayed in coming through to contacts who have it set that their default payout option is their bank account.  We advertise that with Settle, payment is instant and so understandably some of those affected got annoyed. We totally get that. 

Why are we telling you this? Afterall, it’s been resolved and six people isn’t that many, right? We are committed to providing the best service possible and making payment – both getting paid and paying someone else – super simple. We want our customers to know that when there’s an issue that affects them, we take it personally and resolve to do better. Six people aren’t many but next time, we don’t want any delay. So we have taken steps to ensure that the same issue doesn’t happen again. 

Settle provides instant access to funds inside of Settle. So, if you want to send your money person to person, you can do that in literally seconds. In these cases, six people wanted their funds transferred out of Settle and into their bank account. We normally have no issues with this but in this case, there was a delay in the payout. We worked with our bank partner to figure out what caused the delay and put a fix in place to make sure the same block wouldn’t happen again. 

All money in Settle is backed 100% by funds in custodian accounts and you can rest assured that our biggest priority is security. So, while six people experienced a delay in funds arriving at their bank accounts, the funds were always safe. If you have any questions, please get in touch with your local Settle support

If you want to learn more about how safe Settle is, check our detailed blog post about Settle’s safety here.