How do I know my money is safe?
We take security very seriously and as such have designed the app with rigorous controls in place. We partner with third parties who specialise in providing security for different elements of the app.
We use Stripe to process our payments, and to do identity checks. Stripe is a global company, regulated by the Financial Conduct Authority (FCA). We also use bank-level SSL encryption to protect your data and payments, and have 3D secure authorisation on all payments to protect you and your friends.
The first time you withdraw your money to your bank account you will need to go through some ID verification checks. This helps us to keep your money safe.
You will therefore need to provide the one of the following documents to confirm your personal identification before you can withdraw funds from the app:
- Passport
- Driver license
- Resident permit
- Citizen Card
- Electoral ID
- Validate UK
And one of the following documents to confirm your address:
- Driver license
- Utility Bill
- Statement from a financial institution
- Government issued letter
- Solicitors letter
- Council or housing association documentation
- Benefits Agency documentation
- Electoral Register entry
- NHS Medical Card
- GP letter of registration with the surgery
These documents are not stored by Collctiv and you can read more about how this information is used and stored by Stripe in their privacy policy found here.
Your data is used only for the purpose of verifying your identity in accordance with Collctiv’s privacy policy found here.
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Collctiv use Stripe, a globally-trusted and FCA-regulated payment processor to actually move your money around, so in the unlikely event of Collctiv disappearing, it is Stripe that holds your money, not Collctiv.
Stripe verifies the identity of anyone collecting and withdrawing money from the Collctiv app. All payments are 3D secured by default, meaning that Collctiv asks your bank or card issuer to require you to authorise any payment you make into a Collctiv pot providing they have those controls in place.
Collctiv has been operating since September 2019 and has processed more than £24M, from over 520,000 people in 97 different countries.
