TEG Wallet – Flow of Funds
SmartPay uses a 3-stage process to move funds securely:
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Load Poster to TEG Wallet Funds are transferred from the load poster’s bank account into their TEG Wallet.
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Wallet to Carrier Payments are split and sent from the load poster’s Wallet to the carrier’s Wallet.
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Carrier Withdrawal Funds are automatically withdrawn from the carrier’s Wallet into their bank account.
TEG Wallet – Fund Flow & Liability Overview
SmartPay processes payments in three stages, each with clear responsibility and protection:
Stage 1: Load Poster to TEG Wallet
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Protection: Covered under UK/EU banking law
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Responsibility: Modulr and the load poster’s bank
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Liability: Limited to correct account details and avoiding transfers to rogue businesses
Stage 2: Wallet to Carrier
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Platform Transfer: Managed by SmartPay on the TEG platform
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Responsibility: TEG is liable for any mis-payments during this stage
Stage 3: Carrier Wallet to Bank Account
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Protection: Covered under UK/EU banking law
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Responsibility: Modulr and the carrier’s bank
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Liability: Same as Stage 1—correct account details and legitimate recipients
Read more about SmartPay policies here.