Over 30 years ago, our founder W.H. Loewen envisioned a new way of making electronic payments. In 1985, Telpay was founded and went on to pioneer the first telephone bill payment service. At that time, a secure and well-managed trust account to handle our customers’ funds was established. Today, we process billions of dollars a year using this trust account.
Large sums of money flow through Telpay’s Trust Account on an annual basis. Much of the money is received and disbursed the same day. However, some funds are held in our Trust Account for short periods. Our accounting personnel ensure that all accounts are reconciled daily. Our independent auditors are asked to check our procedures at minimum three times a year, in addition to an annual audit. The auditors report directly to the Board of Directors who are ultimately responsible for the operation of the Trust Account.
We manage the affairs of the Trust operation in a very careful and conservative manner. At no time is the balance of funds on hand ever allowed to fall below the liabilities. In addition, Telpay retains all trust funds in Canada Deposit Insurance Corporation insured institutions.
To safeguard personal information, Telpay is governed by the Personal Information Protection and Electronic Documents Act (PIPEDA), a Federal Act safeguarding the personal information of individuals. Telpay staff members are regularly reminded of their responsibilities in this regard. Our systems use the latest technologies to ensure that the information we retain in order to provide our services is fully protected from abuse or loss.
Just a handful of reasons why you can trust Telpay and the Telpay Trust Account. For more, see our latest Telpay Trust Report.