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CASS 15 reconciliation for payment and e-money institutions

Manage daily CASS 15 reconciliations, investigate discrepancies and retain the evidence behind every result.

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Automated
internal and external checks
CASS 15
reconciliation workflows
Daily
CASS 15 reconciliation
Traceable
audit evidence

Daily reconciliation

12 June

Daily reconciliation balances
Internal balance£2,481,930.44
Bank statement balance£2,481,930.44
Difference£0.00

Daily checks. A clear audit trail.

Reconcile internal records and bank statements. Investigate breaks and retain the evidence for review and reporting, with rules configured around your payment flows.

Specialist support to get you started

  1. Discuss your payment flows and safeguarding requirements.

  2. Confirm data sources, controls, reports and responsibilities.

  3. Map data, set rules and run in parallel with our team.

  4. Train your team and launch the workflow, with a dedicated contact and regular reviews.

Trusted across FinTech and Payments firms

Unified automation that cuts manual work, risk and complexity: from SMBs to multinationals

sunday logoCustomer Story

"Thanks to Equali, we are able to control in detail the end-to-end flow of all transactions processed, giving us greater visibility and enabling us to detect any potential leaks or anomalies along the way."

Wouter van HaaftenCFO, Sunday

Interview Transcript

Wouter van Haaften, CFO of Sunday, on reconciling with Equali

Sunday is a financial technology company that was established in 2021. The company specialises in payment solutions for the restaurant and broader hospitality industry. It operates in three core geographies (the US, France and the UK) and currently employs 130 people across offices in Atlanta, Chicago, London and Paris.

My role as head of finance is to lead the finance and accounting teams, and my responsibilities are mainly about driving Sunday's financial roadmap and making sure our finances remain healthy.

The core challenge we face at Sunday relates to the fact that we process millions of transactions on a weekly basis on behalf of the restaurants. When, in addition to the volume of transactions, we take the complexity of working with several partners along the value chain, it makes the reconciliation exercise very complex from a finance and accounting standpoint.

We decided to work with Equali first and foremost because of the team. The team, coming from a broad range of experience within the FinTech and payments industry, gave us confidence that they would understand our problem and also provide us with the right solution.

In addition, Equali offered us dedicated customer support, on which they have delivered constantly for the past year. Every piece of feedback we have provided has been taken with great seriousness, and they have adjusted their product to suit our specific needs.

We use Equali mainly on the reconciliation front, making sure that the money we collect from the restaurant guest ends up in the right bank accounts at the right time. Equali provides us with an additional layer of confidence that our team's work is accurate.

Beyond the reconciliation piece, we also use Equali for two specific use cases:

First, our cash in transit: having a good understanding of the amount of money flowing through our systems at all times, still due to restaurants.

And second, fee reconciliation: making sure that the money we are being charged by our partners is correct.

The value that Equali provides Sunday today is, first, great control and visibility into the funds that flow through our system. But also, leveraging Equali enables our product and engineering teams to focus on revenue and growth-driven initiatives, such as building new features for the restaurants we serve. And on the finance side, it helps us focus on the more strategic projects, such as optimising our P&L and being a real strategic business partner for the teams.

CASS 15 FAQs

What is the difference between internal and external safeguarding reconciliation?

Equali supports both checks. Internal checks compare what a firm must safeguard with the resources it holds. External checks compare the firm's own records with bank or custodian records. See FCA CASS 15.8.

How often are CASS 15 reconciliations required?

Equali can run daily safeguarding checks. CASS 15 calls for internal and external checks at least once per reconciliation day, and more often where needed. See the FCA CASS 15 rules.

How does Equali help investigate safeguarding discrepancies?

Equali flags differences and keeps the records behind each result. Your team can trace the cause and review the evidence before taking action on a shortfall, excess or other break.

What evidence does Equali retain for CASS 15 audits and reporting?

Equali retains daily results and source records. Your team can use them to review breaks, support audit work and prepare the evidence behind safeguarding returns.

Can Equali help populate our safeguarding return?

Equali helps your team prepare the data needed to populate the monthly safeguarding return. Your firm reviews and approves the return before submitting it.

Can Equali support multiple entities, banks and currencies?

Equali supports checks across more than one bank, entity and currency. The scope sets out which accounts and data feeds to use, and how the checks will run.

How is Equali's CASS 15 service implemented and priced?

Equali offers CASS 15 reconciliation on Enterprise only. The team agrees the scope, price and timeline with your firm. This covers data mapping, rules, parallel runs, training and ongoing support.

Discuss your CASS 15 reconciliation requirements

Talk to our team about your payment flows and reconciliation requirements. We'll walk through your model, work with you on an implementation plan and get you started with our CASS solution within weeks.

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