Virtual Banking Technology helps banks adhere to Basel III
Leading banks around the world place Cashfac’s solutions at the heart of their cash management services offered to corporates and public bodies.
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The provision of social care, regardless of whether delivered by private or public sector organisations, creates a challenging environment in which efficient management of cash is vital if service users are to receive essential services in a timely manner.
Cashfac provides a secure banking service specially designed for social care service providers, their clients, client carers, Deputies and Attorneys.
The Cashfac service has been configured for care services, care homes and housing associations to enable them to look after service-user’s money; to enable payments to be made by or with assistance of care staff, friends and family who are not financial experts; to control the access to the accounts; to track the use of the money and report to the OPG; to prevent fraud.
Developed with input from local government, attorneys and banks and linked to DWP’s payments the service ensures no time is lost in getting the money into service users dedicated accounts. Service providers can quickly and easily open and close accounts. When monies are received in the accounts the service can be used to limit the use of the account and payments that can be made. It makes the use of the account transparent to people who have responsibility or who need to report to the OPG and prevents misuse of the funds.
User friendly: enables a carer to use the account, or a family member or friend or solicitor to operate as a Deputy or Attorney, and to operate in a way that is compatible with the vulnerable person’s capabilities.
Multi-channel: The service can be used in conjunction with prepaid cards or handheld devices to provide multiple payments channels all co-ordinated and linked to a central client managed account.
Control: The service offers complete control for service providers and users, providing greater insight into payments and receipts.
Secure: multiple levels of secure authorisation to restrict access to certain functions dependent on pre-defined user permissions