It has been another year of expansion for CashFac. We started 2011 with 5 banks marketing CashFac Virtual Bank Technology (VBT) under licence, and we end the year with 8 including UK, Eurozone and Asia Pacific banks.
The value of our long term maintenance contracts increased 26%.
We ended the year with record bank balances which exceed 50% of annual gross revenues. Our operations continue to generate cash and we have no debt. We are a privately owned business but with a wide shareholder base that includes US and UK private equity and venture capital funds.
We increased our investment in research and development during 2011 which is helping our partner banks by providing new products at a time when their competitors are cutting product investment.
We opened a new office in Melbourne which has extended our regional technical support for banks and for our systems integration partners, enabling them to focus on core strengths and high margin business.
VBT enables our partner banks to offer advanced cash management solutions to their corporate customers. The product generates very large deposits, and for the corporate customer it cuts costs and it increases the efficiency and control of complex cash operations. VBT is therefore a true partnership product that offers shared value for businesses and their banks.
The range of industries that uses VBT has expanded and now includes government, insurance, fund management and savings schemes, manufacturing, retirement plan management and employee benefits administration, property management, outsourced business operation, law and trust services, insolvency and bankruptcy administration, socialized lending, charities, care services for vulnerable children and adults, and auction and trading sites. The product is now offered in multiple languages and operates globally for users in multiple continents
Paul Ormrod said: “We have seen a continuous, uninterrupted monthly increase in the number of businesses that use VBT and I am pleased that more government and local government departments have also signed up. At a time of uncertainty in financial markets our virtual banking and virtual accounts solutions have secured billions in new deposits and have saved millions in operating costs. Our expansion into international markets has demonstrated the transportability of CashFac products, and we have delivered on our promise to launch new product on time with a continuous stream of enhancement. We are a trusted and a stable partner at a time of great change.”
