Every account and ledger. Reconciled every day.
Safeguarding and client money reconciliation, done every day: bank statements, ledgers, processor and partner records matched, with every difference raised the day it appears.
How it works.
Connect
Bank statements arrive by secure file transfer or upload. Ledgers and customer balances arrive by file or through a direct connection.
Read
Every file is read into one structure, whatever the bank or format, and every record keeps the file and line it came from.
Match
Records are matched within the allowed difference and date window you approve, for each pool and currency, internally and against the bank.
Sign off
Each run is signed off by your team, with two-person sign-off and blocking controls where you set them.
Sources
Your banks, in the format they already send.
| Source | Method | Format | Status |
|---|---|---|---|
| Modulr, GBP operating | File transfer | CSV | 06:00 |
| ClearBank, GBP safeguarding | File transfer | camt.053 | 06:02 |
| HSBC, USD client funds | File transfer | BAI2 | 06:04 |
| Banking Circle, EUR safeguarding | File transfer | MT940 | 06:05 |
| Customer balances ledger | Upload | CSV | Due 07:00 |
Reconciliation
Internal, external and three-way, for every pool.
Rules
Matching rules you approve.
| Control | Setting |
|---|---|
| Two-person sign-off | On |
| Block sign-off while a critical breach is open | On |
| Block sign-off while an investigation has no remediation note | On |
Schedule
Every run on time, by each entity's daily deadline.
Positions
One position per entity, in its own currency.
| Entity | Owed | Held | Difference |
|---|---|---|---|
| Nexus Payments Inc.USD | $48,210,400 | $48,512,900 | +$302,500 |
| Nexus Payments UK LtdGBP | £31,604,118 | £31,579,118 | −£25,000 |
| Nexus Payments B.V.EUR | €12,880,050 | €12,880,050 | €0 |
| Nexus Payments Pte. Ltd.SGD | S$6,402,300 | S$6,455,800 | +S$53,500 |
Reads the statements your banks already produce.
In the format each bank already sends, for every company and currency.
| Method | How it works |
|---|---|
| Direct connectionYour systems | Ledger and customer balance figures sent by your own systems through Safeheld's direct connection. |
| Secure file transferFrom your bank | Statement files collected from your bank or partner on a schedule. |
| Arrival checksSchedule | Each source has an expected arrival time, so a late file shows before the figures are used. |
| UploadFile | Statements, ledgers and customer balances uploaded by your team. |
Controls and audit.
Traced to source
Every figure opens to the statement line, file and row it came from.
Versioned rules
Allowed differences and date windows change only with a reason, and every version is kept.
Two-person sign-off
A second person signs off the run where the control is on.
Blocking controls
Sign-off stops while a critical breach is open or an investigation has no remediation note.
Roles
Administrator to view-only, with read-only access for auditors, banks and regulators.
Full audit trail
Every run, match, rule change and sign-off recorded with a name and a time.
What it produces.
Internal, external and three-way results for each entity, pool and currency.
Per run, signed offEvery unmatched item with its amount, age and source records, passed to Resolve.
Breaks listOwed, held and the difference, used by Forecast, Act and Report.
After every runEvery run, sign-off and rule version, ready for the auditor.
Audit evidence packQuestions.
How often must we reconcile under CASS 15?
Internal and external safeguarding reconciliations are required on each reconciliation day, which in practice means every UK business day. Safeheld runs both on the schedule you set and raises every difference the day it appears.
What is the difference between internal and external reconciliation?
An internal reconciliation checks what you hold for customers against what your records say you owe them. An external reconciliation checks your records of the safeguarding accounts against the bank's own statements. Safeheld runs both, plus a three-way check against customer balances.
Can we keep using spreadsheets?
The rules do not ban spreadsheets, but daily internal and external reconciliations, a monthly return and an annual audit are hard to evidence from spreadsheets alone. Safeheld does the daily work and keeps the record your auditor asks for.
Which banks can Safeheld read?
Any bank that provides statements by secure file transfer or download, in CSV, camt.053, MT940, BAI2 or Excel. Statements can also be uploaded. Partners, processors and your own systems can send figures through a direct connection.
Which file formats are supported?
Standard bank statement formats (MT940, camt.053, BAI2), CSV, Excel and JSON for statements and ledgers, and standard bank payment messages (ISO 20022).
How often does reconciliation run?
On the schedule you set for each pool and currency, with a business-day offset, a local deadline and a time zone. A run that is late raises a warning, then a breach.
Does Safeheld replace our ledger?
No. Your ledger stays the record of customer transactions. Safeheld reads it by file or through a direct connection and reconciles it against the bank and customer balances.
How are entities in different currencies handled?
Each entity is reconciled and positioned in its own currency. Nothing is converted or offset across the group.
What happens to a difference?
It is raised as an open difference with its amount, age and source records, and goes to Resolve.