How Storspay holds and moves your money: funding, balances, settlement and what "completed" means

Before a finance team moves its payroll onto a new platform, someone has to answer the question "where is our money while it is in there?" This is that answer, in plain terms.

Funding

You fund your Storspay balance to account details in your own business's name — USD by ACH or wire, CAD by Interac e-Transfer or EFT, GBP by UK bank transfer, EUR by SEPA. Funds are received through regulated financial institutions and converted to USD on arrival at the rate you see before you send. Your balance is a ledger of money held for you; it is not lent, invested or used to fund other customers' payouts.

Settlement

When you confirm a payout, Storspay routes it through licensed in-country partners who hold the local licences to credit bank accounts and mobile-money wallets in that country. Storspay does not take a position in the local currency and does not carry foreign-exchange risk on your behalf: the rate is fixed when you confirm, and that is the rate the recipient gets. The 2% is shown separately and never folded into the rate.

"Completed"

Storspay shows a payment as completed only when the local bank or mobile-money network has confirmed the credit. Before that it is "processing". We think this is the single most important design decision in the product: a status you cannot trust is worse than no status at all.

Verification

Every customer completes business verification (KYB) before funding. Recipient account details are verified where the local system allows it — Nigerian NUBAN name checks, Mexican CLABE validation, Brazilian PIX key lookups — so a mistyped digit is caught before money moves.

Registrations

StorsApp Inc. has filed for registration as a money services business with FINTRAC (case 010760, in progress), and operates in the United States through regulated infrastructure providers. We list our registrations and disclosures on the terms page and update them as each step completes. We do not describe ourselves as licensed where we are not.

What we will never do

• Show a fee inside the rate.
• Mark a payment successful before the recipient's institution has confirmed it.
• Serve personal transfers. Storspay is B2B only, and verification is required.

Questions a procurement or compliance team would ask are welcome at info@storsapp.com. The receive and pricing pages cover the rest.

Who this is for — and who it is not for

Storspay is for businesses, and a sole trader counts as one. If you are a freelancer or sole proprietor trading in your own name, you open a business account of the sole-trader type. You can be paid by companies abroad, and you can pay other businesses on Storspay — including other sole traders — for work they have done for you.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, work delivered. Money to family, gifts and personal transfers are not what this is, and we would rather say so now than at verification.