John Bertrand joins as Director New Business Development

John's expertise in banking, payments, trading and technology gained at Citibank, ALLTEL and Misys will assist CashFac in reaching the next level of development: international sales and the globalisation of the company. John has successfully developed and sold real time services and products in software and banking, managed global changes across enterprises, brought the customer into the process and led international teams in US, UK, Europe and Asia.

CashFac provides client money service solutions for banks to white label under their own brand, and CashFac also sells directly to clients looking after money belonging to others. Four UK clearing banks and over thirty large businesses are using CashFac to manage their clients' cash. The manager needs to hold only one bank account and VBT supports all the client base as if they had individually operational bank accounts. The administration of many components, e.g. subsidiaries of a company can be operated through VBT. The business or professional firm can operate one or more accounts per client yet have only one bank account for all its client money.

John sees this as an important aspect of the service. The actual administration of the client money service is completed by using VBT. This releases the bank to manage the banking relationship, interest rates and payments. VBT ensures payment information is complete ensuring Straight Through Processing and compliance.

John says "Deposits created by the CashFac VBT processes are extremely important in the current market environment as it gives banks a reliable source of funds with minimum administration. The spreads in the Credit Default Swaps market are ample illustration of why attracting deposits from outside the money markets is a priority for all banks.

CashFac enables the banks to gather these deposits while enabling the bank's customer to provide individual attention to the many clients they handle. Corporations can handle the cash throughout the enterprise using just one bank account per currency.

And VBT enables the client cash managers to not only manage cash for many clients but also provides straight through processing with automatic compliance."

April 2008