There are 3 stages of the flow of funds when using the TEG Wallet.
Stage 1 – Funds are transferred from the load poster’s bank account to their TEG Wallet account.
Stage 2 – Funds are transferred and split from the load poster’s Wallet to the carriers Wallet.
Stage 3 – Funds are withdrawn from the carrier Wallet into the carrier’s bank account.
Stage 1 is protected under UK/EU banking law and practice. Modulr and the load poster’s bank are responsible and liable for funds moved during this stage. (It’s similar to the liability when funds are moved between load poster and carrier bank accounts). Liability is limited to entering the correct account details and not knowingly transferring money to a rogue business.
Stage 2 is conducted by SmartPay on the TEG platform with TEG being responsible and liable for any mis-payments.
Stage 3 is protected under UK/EU banking law and practice. Modulr and the carrier’s bank are responsible and liable for funds moved during this stage. (It’s similar to the liability when funds are moved between carrier and load poster bank accounts). Liability is limited to entering the correct account details and not knowingly transferring money to a rogue business.