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Professional Services

Cashfac works with professional services firms such as Legal, Insolvency and Accountancy services firms to provide flawless management of the entire client money lifecycle; from the identification, physical separation and protection of client money funds into dedicated client trust accounts.

Cashfac provides a structured client managed account environment in which Client, Trust and Escrow accounts are securely opened and named in accordance with regulation and internal protocol. The solution actively manages any number of designated client money bank accounts as well as pooled client money accounts.

All accounts are bank active; virtual account extensions to live bank accounts, allowing payments and internal transfers to be originated directly from client accounts. Receipts and payments are controlled in an STP environment where the solution proactively monitors the clearing of transactions and physically checks the clearing status of every payment.  Statements for all client accounts are instantly available on line and continuously updated.

The service safeguards a history of daily balances and statements of every client account and bank account and is able to provide real time updates to a continuous 7+ year audit trail of account actions, transactions, authorizations and rejections, and user actions.

Simplification: the service provides real-time and batch interfaces for connectivity to Practice Management systems. It fully automates administration of all Client, Trust and Escrow accounts in a bank connected virtual account structure. Complexity is reduced, as is the cost of manually managing multiple spreadsheets, bank accounts and reports.

Secure: all of Cashfac’s industry solutions are designed to be ‘bank secure’ offering the highest levels of security, resilience and disaster recovery. Cashfac offers secure and flexible workflow for the approval of transaction types and the allocations of receipts to dedicated client accounts.

Audit: continuous reconciled views of client cash and internal ledger to demonstrate necessary segregation of client money and clear records of all transactions and the associated audit trail.

Applicable solutions include:

  • Accounts Receivable Management for firms struggling to manage the accounts receivables and payables function Cashfac streamlines the process, allowing receipts to be quickly matched off against pending payments and payments triggered.
  • Client Money for custodians of client money Cashfac supports the entire client money lifecycle; from the identification, physical separation and protection of client money funds into dedicated client trust accounts, to the management of cash movements and the required client money calculations.
  • Multibank Cash Management which enables firms to provide central treasury operations with a consolidated, real time intraday view of liquidity flows from multiple sources, irrespective of currency denomination.