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WealthKernel is an FCA-regulated custodian. Our service enables fintechs and advisors to custody the client money and assets of their users.
WealthKernel’s turnkey solution removes the regulatory and technical complexity of holding your users’ client money and assets. Using our custody service, companies can easily outsource a critical part of their operations to a trusted UK custodian. Safety - Our custody solution ensures fully FCA-compliant safety of client assets and money. Protection - Clear and transparent record keeping, accessible via our API.
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WealthKernel conducts regular audits to ensure that our systems and processes around Client Money are working appropriately. We also hold separate books and records to compare and ensure that our records are correct. We conduct daily reconciliations separate from the creation and maintenance of the underlying records.
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WealthKernel has several procedures in place to protect client money and assets in the unlikely event of an insolvency - so, your client assets are protected with us.
Tenants can integrate with WealthKernel using three different custody operating models, all with their own capabilities :
Separate trading accounts are opened in each customer’s name, and the tenant discloses all customer information to WealthKernel, enabling WealthKernel to manage individual accounts directly. In a fully disclosed model, the tenant routes the order from the customer to WealthKernel through the API, while WealthKernel handles account processing, transfers, corporate actions, and settlements.
Accounts and trades of multiple investors are pooled under one single party and held with WealthKernel as the custodian. In an omnibus model, WealthKernel only has party-level visibility and interacts with the business. Unlike fully disclosed, the tenant is responsible for maintaining their own ledger of customer assets and other activities, such as settlements, corporate actions for end-customers.
OmniSub is an omnibus setup where the tenants open multiple sub-accounts or parties that WealthKernel has partial visibility of, through a shadow ledger. This means WealthKernel can view sub-accounts, including transactions, positions, and cash, but not customer data, allowing for faster processing on the tenant’s behalf, such as corporate actions. The OmniSub is an API-first sub-accounting layer that gives real-time visibility and control over every individual sub-account.
Interested in learning more? Check out our OmniBus model blog.
