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Cashfac works with Insolvency firms to enable the management of corporate and personal insolvency cases. It reduces the administrative burden of setting up and managing a large number of insolvency case accounts. It also reduces the time taken to return client assets following the insolvency of a firm or individual.
The solution is bank agnostic enabling the insolvency practice to quickly and easily create new case accounts linked to a single bank account to protect the existing assets. With a new case account established, the solution automates all payments and receipts removing the rigidity and complexity of administering all transactions through an insolvency practices’ main account.
By instantly bringing together case records, payments, reconciliations and receipts, Cashfac provides a single, real time picture of the assets held across all insolvency case bank accounts. The payment mechanism ensures all necessary authorisations are secured and that the funds are available ahead of payments being made. Users are provided with alerts on sufficiency of funds for out-going payments and for unidentified incoming funds. It also provides standardized and customizable reports for all internal and external audit requirements.
The service scales to provide an unlimited numbers of insolvency case accounts, which can be opened, activated and closed in real time. And with centralized payment control insolvency practices are able to protect against fraud or preference and create shared service facilities to manage the administration of all accounts in a consistent manner.
Secure: a secure, flexible and transparent workflow for approving and processing all transaction types. The service enables a defined authorisation process for each transaction and the creation of specific authorisation groups.
Speed: real time account maintenance of existing accounts and open balances as well as instant set-up and activation of new accounts to allow immediate cash flow visibility.
Connectivity: straightforward integration with bank and trustee internal systems, via batch or API connectivity, to enable the seamless transfer of account information, transactional files and all other necessary documents and reports.
Compliance: supports all legislation and reporting requirements governing the management and administration of corporate and personal insolvency services.