Every wallet balance, backed every day.
Customer wallet balances against safeguarded funds, entity by entity, under the e-money rules of the UK, the Netherlands, Lithuania, Ireland, Singapore and Hong Kong, with the returns each regulator asks for.
How money moves through an e-money issuer.
Funds received for e-money must be protected from the moment they arrive until the customer spends or redeems them.
A card top-up, bank transfer or payroll credit arrives for a customer.
Receipts outside safeguarding tracked to their deadline. In the UK, the end of the next business day.The wallet is credited. The total of every wallet balance is the float you owe.
Customer-level balances loaded each day. Negative balances never reduce what others are owed.Held in safeguarding accounts or secure liquid assets, or covered by insurance or a guarantee.
Accounts count only with their acknowledgement letter or account form. Policies count up to cover and expiry.The customer pays a merchant, sends money or redeems at par.
Outflows forecast; any excess in safeguarding prepared for withdrawal under approval.Every wallet, against every account that counts.
E-money rules, wherever you issue.
Funds received in exchange for e-money must be safeguarded until they leave the business. Electronic Money Regulations 2011, regulation 21.
| Regulator | What the rule tests | What Safeheld produces |
|---|---|---|
| Financial Conduct AuthorityUnited Kingdom | Electronic Money Regulations 2011 and CASS 15: segregation, or insurance or a guarantee. | Monthly safeguarding return, ready to file. Resolution pack and annual audit pack. |
| De Nederlandsche BankNetherlands | Wft 3:29a and Bpr 40a and 40b: e-money funds held apart. | T80.01 and T83.00 cell workbook for DLR. |
| Bank of Lithuania and Central Bank of IrelandLithuania, Ireland | National e-money safeguarding rules. | Daily coverage result and audit pack for each period. |
| Monetary Authority of SingaporeSingapore | Payment Services Act 2019, section 23: e-money float. | PSN04 Form 8 and Form 5 in the MASNET layout. |
| Hong Kong Monetary AuthorityHong Kong | Stored Value Facilities Ordinance, Schedule 3, and HKMA Guideline chapter 6: the float. | SVF review pack on the HKMA template, which you upload with the filed copy. |
| Bank of CanadaCanada | Retail Payment Activities Act, section 20: end-user funds held in wallets. | Annual report sections 2 and 4 for PSP Connect. |
Every report is reviewed and approved by your team before it is filed.
A safeguarding day at a wallet provider.
Reconcile, resolve, forecast, approve and report, every business day.
01Reconcile
Wallet balances to your ledger and your ledger to every safeguarding bank, each pool and currency on its own terms.
02Resolve
Unallocated receipts, failed loads and ledger-to-bank differences raised as differences. Unidentified money treated as customer money until explained.
03Forecast
Money expected in and out of every safeguarding account over 24 hours, 7 days and 30 days, against your minimum balance.
04Approve
Shortfalls topped up and excess withdrawn before the deadline, approved with two-step verification.
05Report
The FCA monthly return ready to file, the resolution pack kept current, and DNB, MAS and HKMA packs prepared in each regulator's structure.
Questions.
What is the difference between the float and safeguarded funds?
The float is what you owe: the total of every customer's e-money balance. Safeguarded funds are what you hold against it. Safeheld checks that the funds that count cover the float, for each entity and currency, every business day.
Do negative wallet balances reduce what we must safeguard?
No. Under CASS 15 Safeheld takes customer-level balances and ignores negative ones, so an overdrawn wallet never reduces what is owed to everyone else. The amount ignored is shown on every result.
Which accounts count?
In the UK, a safeguarding account counts once its acknowledgement letter is on file. Outside the UK, each account needs its recorded legal form, such as a Dutch third-party account or a Singapore trust account. Accounts that do not qualify are shown and excluded.
We cover part of the float with an insurance policy. Is that supported?
Yes. Policies and guarantees are recorded with the covered amount and expiry date. They count up to the cover, only while in force.
Do you cover Singapore and Hong Kong?
Yes. The Singapore e-money float rule and the Hong Kong stored value float rule are reviewed rule sets, with the MAS Form 8 and Form 5 and the HKMA review pack.
Does Safeheld hold or move customer money?
No. Safeheld never holds funds. Top-ups and withdrawals are proposed, approved by your team and sent to your bank as a standard payment file.