Payment and E-Money Safeguarding

Safeguard client funds with the AutoRek's robust reconciliation tool. Streamline manual processes and ensure accuracy and timeliness for segregation of funds and reports.

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Key benefits

  • Automates all external and internal reconciliations
  • Integrates third party feeds to enrich & explode core data
  • Maintains a golden data repository
  • Segregates between relevant funds and applicable fee structures per user account
  • Distinguishes between safeguarded or insured funds per user account
  • Stores and enriches third party data linked to relevant funds
  • Integrates CASS 7 regulatory compliance for relevant FX transactions
  • Integrated dashboards to embed appropriate oversight and risk management

Safeguard client funds, meet FCA requirements

In November 2021, the FCA issued permanent guidelines on safeguarding and prudential risk, aiming to bolster firms’ arrangements to offset market disruption. This was done to better protect consumers and safeguard relevant funds in a similar manner to client money, ensuring protection should a firm become insolvent.

The AutoRek safeguarding solution helps payments institutions, e-money institutions and credit unions to meet these requirements, streamlining manual processes and ensuring complete accuracy and timeliness for segregation of funds and reports.

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Unparalleled data control, visibility and insight

Be sure that your data is up to scratch: after internal and external transaction and balance data is automatically ingested, our system validates data to eradicate duplicates and avoid incorrect data. All ingested data is then standardised and enriched to ensure transparency and accuracy.

Once all safeguarding calculations are completed, details are presented via real-time, configurable dashboards. Finally, the reporting capability of our platform allows firms to perform daily signoff of the safeguarding report.

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Safeguarding audits – simplified

The FCA expects firms to undergo an annual audit of their safeguarding compliance. These audits involve a full review of an organisation’s relevant policies and procedures, as well as an assessment of how far this guidance is embedded into the practices, values and culture of the organisations.

A review of an organisation’s reconciliation procedures will form a key part of these audits. After all, effective reconciliation procedures are really the glue that ties safeguarding processes together.  That is why we have specifically designed our safeguarding solution to streamline all necessary reconciliation processes, meaning your firm can be sure of a smooth audit process.

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Internal and external reconciliations at scale

Using the system’s powerful rules-driven engine and high-volume capacity, AutoRek performs all the necessary external and internal reconciliations, identifies relevant and non-relevant funds and ensures all FX transactions are handled in line with the regulatory requirements. This gives firms full control over their data in the reporting process and helps ensure all regulatory requirements are met.

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