Safeguarding requirements have changed. Now the challenge is maintaining compliance every day.
With strengthened safeguarding requirements now in effect across the UK and Canada, payments firms face growing expectations around how they identify, protect, reconcile and report customer funds.
For Payment Institutions, Electronic Money Institutions and Payment Service Providers, safeguarding can no longer be treated as a periodic compliance exercise. Firms need robust processes that provide clear oversight of customer funds, support daily reconciliation and create an auditable record of the controls operating across their business.
From Regulatory Deadline to Operational Reality
The focus for payments firms has shifted from preparing for new requirements to demonstrating that safeguarding controls work effectively in practice.
That means understanding the complete lifecycle of customer funds, maintaining appropriate segregation, completing accurate internal and external reconciliations, identifying exceptions and providing a clear audit trail of investigation and resolution.
Manual processes and fragmented data can make that increasingly difficult, particularly as transaction volumes, currencies, payment rails and safeguarding accounts grow.
Our whitepaper explores how firms can build a more controlled and scalable approach to safeguarding, helping regulatory compliance become part of day-to-day operations rather than a recurring operational burden.
Download the whitepaper to discover how to:
- Implement robust daily reconciliations to help ensure customer funds are accurately identified and protected
- Automate internal and external safeguarding reconciliations across multiple systems, accounts and data sources
- Identify and manage exceptions efficiently, with clear workflows for investigation and resolution
- Build safeguarding frameworks that are efficient and fully auditable, with appropriate controls and segregation of duties