Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Trust account
An account that is managed by a trustee (lawyer or notary) is called a trust account. In the payment sector, reputable payment providers manage their customers' funds and accounts in this form. For example, there are amounts that have already been cleared but not yet paid out, such as deposits.
The protection
Legally, strict standards are applied to the handling of other people's money. The credit balances are therefore particularly protected.
The beneficial owner, i.e. the person for whose account the account is held, follows the principle of economic consideration (economic result) and must be documented accordingly by a bank.