Money transmitters. Every state's test, run every day.
Outstanding money transmission obligations against permissible investments, for each licensed entity and each state. Agent receivables aged, concentration limits applied, and the NMLS call report built from the same figures.
One set of holdings. Five state tests.
How money moves through a money transmitter.
A transfer is an obligation from the moment money is received until the recipient is paid.
At an agent location, online or in the app. The obligation to the sender starts now.
Outstanding obligations recorded for each licensed entity at each deadline.Agents hold the cash until they sweep it to you on a schedule. Until then it is a receivable.
Each agent receivable aged against the state's limit. Past due counts at zero.Bank and FBO deposits, Treasuries, money market funds and other permitted assets.
Each holding classified by the state's permissible investment classes, with class, issuer and agent limits.Payout partners in each corridor are funded ahead of delivery.
Prefunding needs forecast by currency, 24 hours to 30 days ahead.Cash pickup, bank deposit or mobile wallet. The obligation is discharged.
Partner statements matched to your transaction ledger, every day.Five state rules, each on its own terms.
Each state sets its own permissible investment classes, limits and liability basis. Under the model law, permissible investments are held in trust for customers if the licensee fails. CSBS, Money Transmission Modernization Act, sections 10.03 and 10.04.
| Regulator | What the rule tests | What Safeheld produces |
|---|---|---|
| Department of Financial Protection and InnovationCalifornia | Cal. Fin. Code sections 2081 to 2083: outstanding obligations. Limits by class, issuer and agent. Agent receivables aged in business days. | Daily result for California. NMLS call report pack. |
| Texas Department of BankingTexas | Tex. Fin. Code sections 152.355 and 152.356. Limits measured against the subtotal of unlimited classes, as the Texas report does. Stablecoins count only up to obligations owed in the same coin. | Daily result for Texas. NMLS call report pack. |
| Department of Financial ServicesNew York | Banking Law sections 640 and 651: outstanding instruments and transmissions against permissible investments at market value. | Daily result for New York. NMLS call report pack. |
| Office of Financial RegulationFlorida | Fla. Stat. section 560.210: outstanding transmissions and payment instruments, excluding virtual currency held like-kind. | Daily result for Florida. NMLS call report pack. |
| Department of Financial InstitutionsWashington | RCW 19.230.200 and 19.230.210: average daily transmission liability for the month. Restricted assets excluded. | Monthly average tested. NMLS call report pack. |
| State regulators through NMLSEvery reporting state | MSB Call Report: financial condition, transaction activity by state and permissible investments, quarterly. | CSV in the NMLS upload layout, checked before filing. |
Every report is reviewed and approved by your team before it is filed.
A day at a remittance company.
Reconcile, resolve, forecast, approve and report, every business day.
01Reconcile
Your transaction ledger, agent remittances, payout partner statements and your bank and FBO accounts, matched for each licensed company.
02Resolve
Late agent sweeps, unmatched partner debits and returned payouts raised as differences, each worked with its evidence and its cause.
03Forecast
Prefunding needs in every payout currency, 24 hours, 7 days and 30 days ahead, against the minimum balance you set for each account.
04Approve
Partner prefunding and top-ups to clear a state shortfall proposed, approved by up to three people under limits by entity, sent to your bank as a payment file.
05Report
The NMLS call report checked before filing: FC200 against PI120, unrestricted investments against outstanding liability, the 2,500 record limit, and the fourth-quarter destination schedules.
Questions.
Each state defines permissible investments differently. How does Safeheld handle that?
Each state is its own reviewed and versioned rule set, with the state's classes, limits and liability basis. The same holdings are tested against each state's figure, and every excluded dollar carries its reason and the statute section.
Do agent receivables count?
Where the state allows them, up to its limits. Safeheld ages each receivable against the state's limit, in days or business days as the statute says, applies the per-agent cap, and counts past-due receivables at zero.
We hold stablecoins for Texas customers. Do they count?
Under the Texas rule a stablecoin counts only up to the obligations owed to customers in the same coin. Safeheld caps each holding at that figure.
Washington tests average daily liability. Is that supported?
Yes. The Washington rule tests permissible investments against the average daily transmission liability for the month, the figure Washington examiners expect to see in the monthly report.
What does the NMLS call report pack contain?
Financial condition, transaction activity and permissible investment items, built from the reconciled figures and exported as a CSV in the NMLS upload layout. NMLS calculates its own totals, so Safeheld shows them for checking and does not upload them. Your team reviews and files.
We also hold licences in the UK and Canada. One platform?
Yes. Each entity is checked against its own regulator: CASS 15 for a UK payment institution, the Retail Payment Activities Act for a Canadian registrant, permissible investments for each US state.