Release of blocked/frozen funds

One of the more unusual services that Porat Group provides is collection services for blocked or unreleased funds in Electronic Money Institutes (EMIs) or with Payment Service Providers (PSPs). These services are vital to any client who:

• Is facing large amounts of blocked or unreleased funds with their bank, PSP or EMI;
• Is lacking contact information or is simply not getting a response from their bank, PSP or EMI;
• Lacks and available account for funds settlements;
• Has rolling reserves that are “stuck” for 180/540 days due to account closure;
• Lacks manpower and/or time for dealing with negotiations on releasing terms.

Some reasons that funds may be blocked or unreleased in a bank, PSP or EMI include:

• Compliance issues, since institutes such as banks, PSPs and EMIs are subject to strict regulatory requirements, and anyone failing to comply with these regulations may have their operations suspended or their accounts frozen;
• Fraud prevention, since the above mentioned institutes may also block funds if they suspect fraudulent activity, such as money laundering or financing terrorism, whether they suspect the person who transferred the money or the person who received the funds;
• Account verification, since EMIs, banks and PSPs occasionally may require additional types of verification from their clients in order to make sure that they comply with relevant anti-money laundering regulations, or in order to prevent fraud. During this verification process the funds may be temporarily blocked;
• The company’s activity/activities are no longer acceptable to the bank, PSP or EMI;
• The supporting documents (related to compliance/KYC etc.) are not in order, not updated, lacking information etc.;
• There is an ongoing investigation by the financial institution in question or some other authority, related to the company, the sender, the activity or another related matter.

It is important to note that EMI/BANKS/PSP are required to follow strict regulations to ensure the safety and security of their customers’ funds and as a result, the process of releasing blocked funds may take some time and may also be frustrating due to the bureaucracy and the regulations involved. However, if you have concerns about the handling of your funds or if you feel that your funds are being blocked unfairly, you should seek legal advice.

How Porat Group can help

Porat Group offers a tailor made solution for each client facing these obstacles, and the compensation for the services are based on success only.

Our legal team has vast expertise and experience with the global payments industry in general, and with releasing large amounts of blocked funds from EMIs, banks and PSPs in particular. As such, we have an impressive amount of verified successful cases and satisfied clients, including a case where one of our client had over 1,000,000 euros that had been blocked by an EMI released with our help.

Porat Group’s forte includes banking, finance, knowledge related to both the commercial and regulatory fields, creative thinking, as well as access to a broad network of connections with EMIs, banks, PSPs and others across the globe, which gives us a crucial added value.

What Porat Group does for our clients

Porat Group offers to represent our clients/merchants and take responsibility for management, communications and negotiations involved in releasing the funds that are held by acquiring banks, financial institutions or payments service providers, whether the funds are being held due to ongoing and/or previous processing services.

How does this work?

The client starts by sharing their case with us, and the Porat Group legal team then reviews and investigates the details of each particular case. Using our robust and far reaching network, we then start working tirelessly in order to return the funds to the client as quickly and efficiently as possible. 

During this process we send regular updates to the client, and believe in complete transparency at all stages, so that the client can be aware of each step that is being taken.

Service Scope

• Dedicated and professional debts collection Advocate will lead your project until its resolution;
• Taking all p-Legal measures required to expedite release of held funds including conference calls, alert emails, legally signed demand letters by local lawyers, etc.;
• Full review of your Business Agreements and previous communications;
• Tracing the final source of where your funds are being held;
• Local agents that are familiar and experienced with release of funds in the specified jurisdiction;
• Overall management of your claim for release.

Sound good?

Contact us today in order to get the process started.