How do companies keep their users' money safe?

Question

Payment systems

As an example, I will take a freelance exchange with a safe deal. When a customer deposits money on the site, they are stored somewhere - where exactly? On an electronic wallet registered in the legal face? In this case, the owners of this wallet will have access to the money of thousands, if not millions of users. And it can be multi-million dollar turnover. How the security of such an operation is ensured is not clear.

Answer 1

I wonder how you imagine a nutshell explanation of what is implemented by very complex processes and schemes?
It’s worth starting with the fact that if an organization really acts as an intermediary in paying for goods or services, it must still meet certain security standards for financial institutions. Secondly, she can use the intermediary services of a third party (bank or payment system). Thirdly, its liability for financial risks is most likely insured, and the insurance company, in turn, turns to experts for risk assessment, who study a set of measures aimed at reducing the risk of losses. These measures, in turn, depend on the architecture of the system and can vary greatly even within the same organization (system).
For example, the same Amazon sometimes acts as a full intermediary between the buyer and the real seller, independently accepting payment and independently purchasing goods from the seller, which is then sent to the buyer already from the Amazon warehouse, and sometimes simply transfers the payment information and contact details of the buyer to the real seller.
The question is not "stupid" - fools are usually ignorant and are not interested in anything, they do not show curiosity, but at the same time it is extremely naive, because it contains the requirements of a simple explanation of a complex system, and most importantly, it relies on a particular example and some naive assumptions about the possible principle of operation of such systems.

Answer 2

1) You can block money on the card for up to 7 days and only then write it off, as a result, the money is stored in the bank of the cardholder.
2) The secure transaction service of the payment service provides all security - an example is the Secure Transaction service from Yandex Checkout. All calculations are made by the service and separately then the service pays a commission
3) Accept money for your company, they do not come to the wallet, but to the bank account. And then the company keeps them there. Banks store them securely.
4) In some countries, the Escrow (escrow) service requires a license
https://en.wikipedia.org/wiki/Escrow In Russia, the legislation has the concept of "paying agent" and it requires special accounts to ensure the safety of money - but in the Russian Federation, "paying agents" are considered companies that only accept payments, but if you bring a new client, for example, then this is already a simple agency agreement
you can also read here
https://www.sharetribe.com/academy/how-to-design-y...