Security and Guarantee
Payment systems and online bank accounts.
Zento A/S operates without it’s own banking license, but we are promoting our banking partner, Satchel UAB who hold a European EMI license issued by the National Bank of Lithuania, which ensures that all your funds are protected at all times.
Zento A/S offers assistance with payment solutions and EMI solutions for primarily business customers in Denmark.
In connection with the security of customers of Zento A/S, it is emphasised that Zento A/S has a partner network of registered parties with banking licenses in the EU and UK, this means that Zento A/S and employees of the company do not have access to customer funds in any way. This also applies to online payment solutions or in-store payment systems (in-store terminals).
The security with partners and integrations means that data and information is encrypted and Zento A/S and its employees have no access to data, statements, payments, invoicing systems.
Zento A/S together with partners have put in place policies and controls that ensure full protection of user data against potential threats through decentralisation. Every time you interact with us digitally or perform any kind of operation, you can be rest assured that security is taken into account.
Features like 2 factor identification (2FA) give our customers an extra layer of security to the authentication process, making incredibly challenging for cybercriminals to get their hands on your personal data. Even if your password is compromised, it is still not enough to break into your Zento account, as login to your account requires an OTP code sent to your phone which can only be received on one device and is not possible to have on multiple devices at the same time.
Card payments with the Zento Mastercard use the 3SD security for online transactions which is a requirement for banks in the EU, this ensures that every time you make an online purchase or payment, we double check that it's actually you on the other side of the screen. It's just another authentication step that allows us to safely confirm and secure your online transactions.
An EMI, unlike a traditional bank, cannot access a customer’s deposits.
A bank can use customer’s money to make loans or investments, subject to permits and banking licenses and collateral. But this also means that banks can make losses with customer’s money. Most banks have a guarantee of 500-7500,000kr, (this can be checked by contacting your bank) deposits above this amount are therefore not secured.
EMI solutions cannot access the deposited money, therefore the customer's money cannot be used for operations, investment or lending; this means that the customer's full deposit is guaranteed by the country (or EU) that has issued an EMI License.
This means that customers of an EMI solution are not able to borrow or overdraw accounts, there are also no credit cards. Instead, pre-paid or debit cards are used for card payments. In other words, unlike traditional banks with a full license, the money in EMI online accounts solutions is fully secured not just based on a certain maximum amount but the total amount of the deposit is secured.
Therefore, in the EU, when a company is granted a License to conduct online banking business under these agreements, it is ensured that the deposits are secured.
In Zento A/S we work with a cooperation agreement with Satchel UAB which has an EU license in Lithuania. Zento A/S and employees have no access to data, this means that an employee at Zento A/S will not have access to information about deposits, remittances or any other payments. Zento A/S as an agent will assist the customer to the extent possible, but in case of balance and transfer information, the customer will have direct contact with Satchel. In addition, Zento A/S cannot make decisions about creating accounts, approving or rejecting applications, these decisions lie solely with Satchel’s Compliance.
In connection with Zento A/Sad our cooperation with Satchel, there are staff at Satchel who have these qualifications and authorisations that speak Danish and English who help customers with this creation of accounts and approval. These employees at Satchel are direct employees of Satchel so that Zento A/S including customer consultants and management therefore have no influence on approvals / rejections of account creations.
Although Zento A/S will provide support to our customers and provide services to customers, you may therefore find that information and response times may depend on the information that can be passed on from Satchel, and customers may find that answers to questions will come directly from Satchel (typically via email email@example.com).
It is therefore also possible for Zento A/S customers to write directly to Satchel for help with questions.
Creation of accounts at Satchel via Zento A/S - As Satchel is an EU bank with the euro as the primary currency, the creation of customers will take place so that immediately after an application is approved, you will be able to log in to your Zento account and here you will find a euro currency account, then it can take 24-72 hours before you receive your Danish Krone account, this is an automatic process where a specific SEPA account number will be created to handle DKK transactions.
Once this DKK account is created, customers will see two accounts when accessing the website or using the app to manage their accounts. (Update April 1, 2023 - the app available in AppStore and Playstore, as well as the web-based access to Zento accounts is expected to be approved and translated into Danish within 7-9 weeks, after which you can update your app or switch between English and Danish via web access).
Zento A/S cards are Pre-Paid cards that keep their currency in euros, this means that you must fill your card with euros from your Zento account and then will be able to use this card worldwide and in all currencies, but that the balance you have transferred to this card is used.
In the same context of offering a physical card, Zento also offers a virtual card. (Update April 1, 2023 - within 6 months, Zento will offer a debit card solution with DKK as currency, this means that customers will soon be able to order a card that connects directly with their DKK account at Zento. Therefore, you can safely order a Zento-Pre-Paid card already when your account has been approved, and simply replace it with a debit card later).
Controls and security
Zento A/S and our partners have put in place policies and controls that ensure full protection of user data against potential threats through decentralisation. Every time you interact with us digitally or perform any kind of operation, you can rest assured that security is taken into account.
We also offer features such as two-factor identification, which gives our customers an extra layer of security in the authentication process, making it harder for cybercriminals to access your personal data. Even if your password is compromised, it is still not enough to break into your Zento account, as login requires an OTP code, which can only be received on one device and cannot be available on multiple devices simultaneously.
Card payments with Zento Mastercard use 3D Secure security for online transactions, which is a requirement for banks in the EU. This ensures that every time you make an online purchase or payment, we double-check that it's actually you on the other side of the screen. It's just another authentication step that allows us to safely confirm and secure your online transactions.
What do the technical abbreviations/specifications mean:
OTP: One-time password (OTP) systems provide a mechanism to log in to a network or service using a unique password that can only be used once, as the name suggests. This is sent to a mobile phone connected to a login, this code can only be used once and expires within a short period of time. This ensures that you cannot use a username and password to access your account, but this unique code must also be received before you can log in.
EMI: Electronic Money Institution. E-money is a digital alternative to cash. E-money allows the holder to make cashless payments via money stored on a phone, prepaid card or online account. As a result, an EMI is a type of financial institution authorised to issue and manage e-money on behalf of its users.
3DS - 3Dsecure: Created by Visa and MasterCard, 3D Secure also called 3DS is a technical standard that adds a layer of security in online credit and debit card transactions. Different card networks developed their own 3D Secure transaction products: MasterCard SecureCode. Verified by Visa. Discover ProtectBuy.