Secure Business Banking Platform & Deposited Funds
Are you concerned about security on your current business banking platform or protection of your deposited funds? The Arro Business Account could be the alternative you are looking for.
Crucially, Arro is not a bank – we are regulated by the Financial Conduct Authority for electronic money service activities – and we do things differently than the high street banks.
One of the main differences is that we do not invest our customers’ deposited funds; they are held securely in a separate account at all times and never treated as part of Arro’s own operating capital.
This gives you instant security as it means, unlike when there is a run on the banks in a financial crisis, Arro will always have your deposits available in full for you to withdraw.
Is the Arro Business Account protected by the FSCS?
The Financial Services Compensation Scheme (FSCS) covers deposits made by private individuals and small businesses in the event that a bank or equivalent authorised firm is unable to pay out a withdrawal.
But there are limits on how much compensation you can receive and on who is eligible – so you may not receive all of your money from the FSCS if:
- You are out of pocket by more than £85,000.
- You need to make both a personal and business claim as a sole trader.
- Your company exceeds the eligibility thresholds for turnover or employee numbers.
With a traditional high street bank, this leaves larger firms and even some sole traders unprotected for the full balance of their deposits – but with the Arro Business Account, it is not a problem.
Arro does not depend on the FSCS to cover the deposited funds we hold for business customers. Those funds are ring-fenced in a secure account separate from our operating capital.
Whatever happens, Arro’s own creditors cannot make a claim against the deposited funds we hold – they will always be available for customers to withdraw in full, should you choose to do so, giving you complete confidence every time you deposit, and every time you withdraw.
Is the Arro online dashboard secure?
Viewing your account and making transactions from your Arro Business Account online dashboard is completely secure, with 2,048-bit encryption across the entire Arro website.
You can see this on any page – just look for the https prefix in the address bar, a padlock icon or the word ‘Secure’, depending on your choice of browser.
Arro was developed from the ground up as an electronic money service, and our website and dashboard were created exclusively for us. That means we were able to integrate security throughout all of our services to a very high standard.
It also means that the information you transmit while managing your business account online is not sent to third parties, except for where it is necessary to do so for a transaction to be carried out – the account platform itself is not provided by an external supplier, so there is no need to worry about your information being shared inappropriately.
Does this mean lots of checks on new accounts?
Not at all – we carry out automated online ID verification on new Arro Business Account applications, but there’s no credit check and in most cases, no need for any extra forms of identification beyond the initial signup form.
We verify applicants’ ID down to street level as part of our advanced Know Your Customer commitment, but it’s a seamless process and it does not require us to access your credit record.
When it comes to logging in, we use two-factor authentication, so nobody can access your account without authorisation simply by stealing a single password or guessing one security answer.
We have even built in support for facial recognition in the Arro online software, which means in the future, you may be able to log into your account simply by taking a selfie – a characteristic listed alongside fingerprints as an ‘Inherence’ quality in the Payment Services Directive.
How do you verify your own security?
Arro are not complacent about our security – our entire online platform was independently scrutinised, line by line, by qualified security assessors, and our website’s security certificate is regularly updated too.
Our technical environment complies with the guidelines set out by OWASP, the Open Web Application Security Project, which is an independent project aimed at improving online application security.
We also conduct regular security testing of all our systems – including full penetration testing of our online account platform – to rigorously confirm that it is robust against any attempts at unauthorised access.