tally® relative to GBP (£) can rise or fall due to fluctuations in the global gold price.
TallyMoney Ltd (“TML”) is listed with the Financial Conduct Authority (“FCA”) as an E-Money Directive (“EMD”) Agent (FCA Ref No. 902059) under E-Money Institution (“EMI”), PayrNet Limited (“PayrNet”). PayrNet is authorised and regulated by the Financial Conduct Authority to conduct electronic money and payment services activities under the Electronic Money Regulation 2011 (FCA Ref No. 900594). Payrnet also provides you with the e-money account (the “Account”) where the funds, which can be spent using the Card, are held. The services provided by PayrNet are governed by a separate set of terms and conditions between you and PayrNet which are set out at here.
A Tally Everyday Account with IBAN (International Bank Account Number) (“Tally Account”) is issued under PayrNet’s EMI licence. Deposits into E-Money accounts are protected through “safeguarding” and are not covered under the Financial Services Compensation Scheme (“FSCS”). The FSCS exists to fulfil the fiat currency obligations of a bank to its depositors, up to an individual limit of £85,000, in the event that a bank goes into administration/liquidation. When fiat currency (such as pounds and euros) is transferred into a Tally Account it arrives via PayrNet. During this brief period your fiat money is protected by PayrNet under the process known as “safeguarding” – a regulatory requirement for all Electronic Money Institutions. Unlike a bank, E-Money account balances must be segregated from all other cash balances of the E-Money Institution and PayrNet cannot use your fiat funds for its own purposes or lend your funds to other customers. In the unlikely event PayrNet ceases trading, any money deposited that hasn’t yet converted to tally® will be available to the customer, subject to charges by an insolvency practitioner/administrator, and the process for distributing safeguarded funds may take longer than a claim under the FSCS. However, this would only affect you if PayrNet went into administration/liquidation during the brief period before your fiat money (pounds) is converted to tally®. Once you hold tally® you are no longer holding fiat currency so the FSCS does not apply.
When fiat money is sent to a Tally Account it is automatically converted to tally® and each unit of tally® is an electronic record of ownership and right to the value of 1 milligram of physical gold stored in a Brink’s vault in Switzerland, operated by TML’s parent entity, Tally Central Ltd, as a custodial service, with the added protection of a security trust structure with FCA-licensed trustee Woodside Corporate Services Ltd (FCA No. 467652 ). In the unlikely event TML or Tally Central Ltd ceases trading, all of the gold a customer’s tally® represents will promptly be sold and the fiat value less a 1% fee for the legal mechanism and process, will be deposited to the customer’s designated bank account. tally® balances are protected to their full value (with no limits), and customers would receive all of their funds less a 1% fee if TML or Tally Central Ltd ceased trading.
The Tally Debit Mastercard® (“Tally Card”) linked to the Tally Account is issued by Transact Payments Limited pursuant to licence by Mastercard International. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Designed and built by Tally Central Ltd (“TAL”), a Guernsey-incorporated Non-Bank Financial Institution (“NBFI”) that is the monetary authority of tally®, and its UK-incorporated wholly-owned subsidiary, TallyMoney Ltd (TML or “us” / “we”), the Tally platform technology and ecosystem (“Tally Platform”) is a full-reserve non-fiat monetary system and platform that enables customers to use the value of London Bullion Market Association (“LBMA”)-certified ethically-sourced physical gold as digital money, called tally® (spelt with a lowercase “t”), that seamlessly operates with the incumbent fiat currency fractional-reserve banking system.
If you have comments or questions, please contact [email protected].
Additionally, we recommend that you familiarise yourself with our “Frequently Asked Questions“ about Tally products (including the Tally Account, Tally Card, Tally App) and tally®, published on our Tally App and the Website. If you prefer, you may also call us on 0203 8580373 or write to us at TallyMoney Ltd, 22 NW Works, 135 Salusbury Road, London, NW6 6RJ. Our response method and timing will vary depending upon the circumstances, but any response will be in English via the Tally App, email, phone, text message or letter to your home address. If we communicate with you by telephone, you accept that your call may be recorded and may be used as evidence in any dispute between the parties. If any of your contact information changes, please let us know as soon as possible.
The below terms (which includes the Specific Information) apply to Customers of TML and TAL using the Tally Platform, which includes the Tally App and Website. By creating and using a Tally Account with TML, the Customer:
Name of the account provider: TallyMoney Ltd, EMD Agent (FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Limited (FCA Reg. No. 900594)
Account name: Tally Everyday Account
Date: 18th May 2022
This document informs you about the fees, charges and limits related to using the Tally Platform.