Abstract: A postage generating system and method that allows for the generation of postage without the use of a PSD, while still maintaining the necessary data integrity and non-repudiation aspects. The cryptographic and accounting functions are performed separately when an indicium is generated and reconciled to ensure that every transaction is properly accounted for and funds are deducted from the user's account. The cryptographic functions for an indicium are performed utilizing a cloud-based Hardware Security Module (HSM). Transaction records for indicium generated by an HSM are stored in a database. The accounting is performed by a transaction server, separate and remote from the HSM, to make updates to the client's account to account for generated indicia. An Integrity Monitor Server monitors the consistency of the transactions, i.e., that every transaction performed by an HSM is properly accounted for by the transaction server and funds are deducted from the user's account.