Our Mastercard system creates a unique ‘routing IBAN’ for every client. These routing IBANs enable your invoice payments to get securely transferred by-
- Ensuring your funds are registered as being from your company, so our system can only load them onto cards you order, and
- Ensuring your funds bypass AllGo’s own bank accounts.
Your funds are routed through your unique IBAN and deposited within 24 hours into the Mastercard Issuer Settlement account (in a pilar bank in Ireland), where they remain until your cards are spent.
The reason why the routing IBANs are German and Danish are because they are provided by a German company called Banking Circle (no equivalent IBAN service is available yet in Ireland).
PLEASE DO NOT TRANSFER IN DANISH KRONE, ONLY EURO.
Once your funds reach the Mastercard Issuer Settlement account in Ireland, they are secured by being legally separated from both the Issuer (EML Money DAC) and from AllGo, and are in an Irish bank account regulated by the Central Bank of Ireland.
In the unlikely event that EML or AllGo are insolvent, the funds on your AllGo Mastercard Gift Cards will not be affected.
