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Cashfac’s solution for Housing Associations is a secure banking and cash management service specially designed for Housing Associations to enable the management of universal credit rent allowances for vulnerable and unbanked individuals.
Cashfac’s solution is specifically designed to meet the needs of many Housing Association tenants who currently don’t have bank accounts but under the Universal Credit benefit scheme will receive monthly benefits and tax credits. The solution is designed to help Housing Authorities support their tenants who will be expected to manage incoming benefits to pay for housing and other essential services.
Cashfac enables the Housing Authority to sponsor specialist bank accounts on a bank-connected Cashfac platform. The Cashfac platform runs as a subsidiary to the Housing Association’s main account. The Housing Association is able to quickly and easily open and close large numbers of tenant accounts which facilitate the collection of benefits and the payment of rent. Payments of rents are secured thereby protecting both the Housing Association and the Universal Credit user.
Tenant users of the service have the benefit of receiving a fully functioning bank account which not only enables rent payments but provides a facility to manage the balance of any Universal Credit receipts. Pre-pay cards can be connected to the account which enable users to make retail payments or withdraw cash from the account in the same way as a traditional bank account.
The Cashfac solution automates all payments and receipts, transferring the administration of a Housing Associations aggregate rental income into thousands of individual rental credits that can be paid, tracked and managed instantly.
The solution bridges the gap between the bank and the receivables or the rent book to provide Housing Associations with real-time visibility into what rental payments have or have not been received. This enables late payments to be collected quickly and Housing Associations to better manage credit risk exposures resulting from unpaid rent.
Simplification: Cashfac for Housing Associations provides fully automated administration of all rental transactions to reduce the complexity and cost of manually managing multiple spreadsheets, bank statements and bank accounts. Costs of a scalable service are reduced and service quality is improved.
Control: Cashfac for Housing Associations offers complete control for both Housing Associations and Universal Credit users. The solution provides greater insight into payments across the entire ledger and removes the need to manually reconcile rental payments. This ensures that payments to landlords are made on time removes an element of credit risk for Housing Associations.
Secure: multiple levels of secure authorisation to restrict access to certain functions dependent on pre-defined user permissions.
Ease of integration: simple connectivity between banks’ and client side systems. A secure suite of Web Service APIs and flat file interfaces are available to integrate and communicate with third-party platforms and update regularly to provide enhanced functionality.