Money of substance
Tally is the name of both the banking platform and the unit of currency. Each Tally is one milligram of gold held by the customer and utilised via their Tally banking account.
The Tally banking platform mobilises the customer’s physical asset within the global digital banking system, whilst keeping the customer’s physical asset outside of the banking system.
Tally customers’ gold is held in Zurich, Switzerland, at an accredited international vaulting facility. Gold is an efficient and fungible physical asset ideal for the Tally platform and proven to maintain its purchasing power as a store of value over time.
We don’t mark-up or charge transaction fees or FX fees. Instead, there’s a single monthly charge (in Tally) of 0.1% of your average monthly holding which covers storage, security, insurance and operational costs. Any holding above half a million Tally (t500,000) is charged at 0.05%.
Money you can trust
Tally is the customer’s allocated physical gold and through their Tally banking account, the customer is able to deposit, transfer, withdraw, or spend their physical asset seamlessly with the local fiat currency.
London Bullion Market Association (LBMA)
Tally customers’ gold is sourced from LBMA-accredited commodity brokers and stored with LBMA-certified vaulting providers.
Financial Conduct Authority (FCA)
The Tally platform is run by UK company TallyMoney Ltd (E-Money Directive Agent FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Ltd (FCA No. 900594). The parent entity of TallyMoney Ltd is a public company (aiming to complete a London Stock Exchange listing in 2019 to provide further transparency and give people the choice to own part of the company behind the Tally platform).
Tally accounts are not linked to or limited by the £85,000 cover provided under the FSCS (Financial Services Compensation Scheme). All Tally is 100% insured for the full value of the customer’s physical monetary asset.
Verification and Reconciliation
Reconciliation occurs daily and the Tally platform operates its 5-Star Verification and Reconciliation procedure with verification audits carried out monthly by parties that include: the vaulting company, the technology stack provider, the gold trading company, a ‘big-four’ accounting firm and UK-incorporated TallyMoney Ltd.
Data Protection and Application
Protecting customer personal data is paramount at Tally and we have in place security systems, procedures and protocols to ensure data is anonymised when utilised for macro analysis, and to provide better and more convenient services for Tally customers.