Case Studies

Explore our case studies to find out about more about how we’ve helped organisations across the world from a spectrum of industries and business sizes.

  • Payments firm migrates to Cashfac’s Hosted & Managed Service

    Moving to the cloud helps UK’s leading payments collection firm save time, money and remove risk.

    Replacing legacy systems with the latest hosted and managed cloud offering should be an easy decision. The benefits of the latest technology, continuous upgrades and eliminating the risk of maintaining on-premise hardware and data are clear. But it is a big step and an organisation needs to know the transition will be seamless for both them and their customers. The advice from this payments company is to invest your time in making the switch as soon as you can because the returns are worth it.

    The Challenge

    The payments company is the UK’s largest bill payments company. They handle more than five million transactions a month from tens of thousands of customers – collecting money from clients at PayPoint providers and Post Offices across the country and holding accounts for organisations including many UK Housing Associations. As an early Cashfac adopter, the company maintained an on-premise solution for many years to great success, but realised its future was in the cloud.

    Although their hardware was still operating as designed, their foresight revealed issues on the horizon that would have to be addressed if they were to maintain the high standards of customer service and reliability to which their clients had become accustomed. The on-site approach was becoming increasingly costly and the skilled technicians needed to look after it were scarce.

    With the introduction of each new version of Cashfac’s software it became more difficult to upgrade on the aging server. While it was still reliable and the daily processes, which took around 2.5 hours every morning, were running like clockwork, the business risk was only going to increase so it was the right time to plan for the future. But there were reservations on moving to the cloud.

    Removing the Cloud of Suspicion

    After meticulous planning to reassure the various stakeholders, the decision was taken to migrate the entire system to Cashfac’s cloud based managed and hosted service. This would shift a lot of responsibility from the company’s team to Cashfac, and more than 8,000 accounts would have to be transferred seamlessly.

    Our Client said: “Since the switch every issue has been resolved, all fears were proved unfounded and we have made big gains. Now Cashfac carries out the daily processes we were responsible for and the risk of maintaining the hardware has been transferred from the team at the company to Cashfac. The biggest benefit was getting our time back. Two and half hours of data processing on a daily basis now takes minutes. This was emphasised when a colleague that had taken maternity leave when we were managing everything in-house and returned after the cloud transition was amazed that it now takes only 30 seconds to carry out a process that previously took hours.”

    The Advantages

    The company now has a service with sophisticated built in redundancy, removing the risk from them and practically eliminating the likelihood that data would ever be unavailable. Software updates are rolled out as soon as they are released and hardware upgrades are no longer required. IT support and daily processing costs have been slashed dramatically while the Cashfac experience has been upgraded and made more user-friendly. Security is stronger, achieving ISO 27001 standard, and new SLAs have been agreed.

    The Client commented “Now allocating items, uploading files and running reports are carried out on a browser through an interface that is more logical, cleaner and faster. The support from Cashfac has been brilliant from our perspective. We very rarely raise tickets and have a regular monthly meeting where we can raise any issues. These meetings usually take five minutes as there are no real issues.”

    Daily bank processing of 38,000 virtual transactions and 7,537 balances takes 13 seconds, while importing account holder data and transactions files takes five minutes.

    The Client added: “There were instant cost savings. Our IT department now has little to do with Cashfac as they no longer have to maintain an old server. The switch over has allowed the Client Finance team to dramatically improve efficiency as Cashfac has greater responsibility.

    My advice to companies that might be thinking of doing the same thing is to go and speak to the Cashfac team to get a full understanding of the options available to you. Cashfac has provided no end of benefit, it is now so much easier to use it has given back our team’s most valuable commodity: time. The time gained from removing process can now be refocused on clients.”

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  • LV= moves £140m of funds from 40k real accounts

    In one night £140 million of funds were moved from 40,000 real accounts to the new virtual account structure with no issues

    LV= is a leading provider of Insurance, Savings, Investments & Retirement plans. The Cashfac solution is used by the Life division of the company which has a strong focus on retirement solutions and the administering of Self Invested Personal Pensions (SIPP). They have 40,000 policy holders all of which had individual real bank accounts at the incumbent bank before the implementation of the Cashfac solution.

    The Challenges

    LV= wanted a solution that would reduce the administrative burden of setting up and managing large numbers of bank accounts and client accounts with a virtual account infrastructure. Not only would this reduce the time and effort spent opening and closing real bank accounts, it would also ensure the business was bank agnostic and more flexible in their product offering to clients.

    Other drivers for acquiring Cashfac’s software were certain changes in regulation and the ability to diversify. LV= required a new system to cope with these changes and adhere to the new legislation. Before implementation the business was maintaining 40,000 real client bank accounts, a number which was fast increasing and becoming harder to manage internally but also by their bank.

    LV= went through a tender process to seek out the best solution to fulfill their specific requirements and decided to acquire the solution via Cashfac directly instead of via a bank.

    The Solution

    Implementing the solution resulted in the migration of over 40,000 real bank accounts rendered down to 6 real accounts and thousands of client managed, virtual accounts. Going forward all new client accounts can be virtualised and opened instantly.

    In one night £140 million of funds were moved from 40,000 real accounts to the new virtual account structure with no issues arising or breach of client money rules. In total, the whole implementation took only 7 months from start to finish.

    The solution is being provided as a hosted, managed service which at the time of implementation helped accelerate deployment and reduced LV=’s operational administration across the Insurance division and freed up their internal IT resources.

    Time spent previously setting up individual payments manually was reduced significantly with the creation of 130 new money movements (i.e. a workflow of several transactions based on an initial receipt/payment) within Cashfac.

    A large integration project also took place during the implementation of Cashfac. The integration was with LV=’s back office SIPP administration system, linking it to the Cashfac system. The result of the integration is a faster, straight through transference of data between the two systems and also the bank; the integration done by Cashfac also enabled LV=’s IT team to focus their energy on other projects.

    The Benefits

    Andy Young , Head of Finance at LV= and a key stakeholder in the project said ‘The business case for Cashfac has proved a success. The cost of acquiring Cashfac technology has already been recovered by the cost savings the solution has provided us with.’ Implementation provided LV= with a proven rapid payback period where the costs were easily retrieved in the first year of operation:

    • The virtual account structure that LV= now has with Cashfac provides a more granular view of all client accounts; client balances can be viewed instantly. It has also enabled a much faster reconciliation time of client accounts reducing the chance of a breach of client money regulations.
    • The administration of setting up real client accounts at the bank and the reconciliation of those accounts has been reduced to a minimum, creating more time for staff to focus on other tasks.
    • There is no longer the reliance on the bank to open accounts, which has proved mutually convenient for the bank and LV=. The whole treasury operation has been streamlined, is more controlled and less prone to human error.
    • Creating client accounts in-house has also resulted in a reduction of different bank charges. All Payments made via CHAPS are now executed via 3 day payments where possible. The process is no longer restrictive and transaction costs have been reduced because of this.
    • On top of achieving the goals and fulfilling LV=’s requirements prior to implementation, the solution has also provided many other benefits to the business. Using Cashfac’s Managed Service has achieved faster identification and resolution of any issues that have arisen.
    • The Cashfac Managed Service Team are the specialists in Cashfac technology, and are dedicated to providing resolution in the fastest time. Acquiring the Managed service.

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  • Capita HR Solutions delivers its clients more efficient processes

    Capita HR Solutions delivers its clients more efficient HR and payroll processes with Cashfac

    With over 25 years’ experience, Capita is one of the UK’s leading providers of business process management and integrated professional support service solutions with 64,000 staff across the UK, Europe, South Africa and India.

    Capita HR Solutions is the largest provider of outsourced HR services in the UK and manages over 1,650 clients and processes approximately 10 million salary payments on a yearly basis to 800,000 client employees. Cashfac has been instrumental in automating account administration and eliminating complexity in managing multiple bank accounts.

    The Challenges

    As with many payroll and HR consulting firms, the management and reconciliation of multiple client bank accounts can be an intensive and time consuming process. Lack of transparency coupled with a reliance on spreadsheets can also make cash management processes onerous; with transactions often being recorded manually which increases the risk of formula errors.

    Introducing the further complexity of monitoring and recording the progression of payments in both spreadsheets and the banking system results in slow timescales and labour intensive activity which can be prone to errors.

    The Solution

    Cashfac provided Capita HR Solutions with technology to scale their existing client account structures whilst providing greater visibility and control over money movements for their clients. The payments and reconciliations process has been fully automated and integrated into existing back office technology to provide a secure, transparent and auditable process that reduces reliance on manual processes and ultimately saves them time and money as well as reducing risk.

    Cashfac provided a single platform to manage the entire account infrastructure and virtualise their client accounts. Capita HR Solutions can fully reconcile each client pay period and has greater visibility into any discrepancies in client accounts. Any discrepancy is identified through a daily automated reconciliation and embedded notifications flag when an expected payment has not been received on time.

    Cashfac provides a solution to proactively rather than reactively manage cash with a clear, real-time view of expected values, forward values and funds within client accounts and reporting to streamline monitoring of all money flows.

    Linda Bicker at Capita HR Solutions said “Cashfac is completely scalable and has grown with us as our client base
    has grown. The core Cashfac system integrates well with our internal business systems meaning that new clients and new HR sites can be set up and added easily”

    The Benefits

    Cashfac has fully automated the management and control of payments and reconciliations providing real time visibility across the entire lifecycle of client transactions. The benefits include:

    • More effective audit and reporting capabilities
    • Automated reconciliation processes leaving only a few exceptions to manually allocate
    • Connectivity to primary systems to receive downstream feeds converting them into expectation to receive credits and debits
    • Reduced reliance on manual processes and paper trail
    • Automated payment collection, reconciliation, receipt allocation and matching

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  • International HR and tax consultants reduce risk on client accounts

    International HR and tax consultants use Cashfac’s Multibank to reduce the impact of foreign exchange transaction risk on client accounts

    One of Cashfac’s clients are international HR and tax consultants who operate in over 50 Countries worldwide. The firm has multiple UK teams involved in the creation of transactions across a user base of approximately 50 institutions.

    Cashfac has enabled the firm to strengthen their cash management capabilities across multiple currencies and jurisdictions. Cashfac’s solutions have given the firm the ability to reduce the levels of manual processing in their operations, increase efficiency and deliver enhanced reporting requirements for their clients.

    The Challenge

    As with many HR and tax consulting firms, the management of client accounts across multiple currencies had become a manual and time consuming process. Previously, the management of bills, invoices and payment instructions for client accounts was highly manually intensive, onerous and prone to error. Fax-distributed hard copy invoices and payment instructions were used to transfer client account funds to the firm’s fee account and manual work flows dominated the reconciliation process.

    A large part of the firm’s business involved the trading of foreign exchange. The clearing of FX payments was also driven by manual processes which increased the likelihood of client accounts going overdrawn. Customers had requested the ability to log into their individual accounts to view their account status, which wasn’t an option in a manual and non-collaborative environment.

    The Solution

    Cashfac provided the firm with a single platform to manage their entire account infrastructure and virtualise their client accounts. Each client is now an account holder of a bank-active account within a vitrualised infrastructure, with each currency account linked to their main account. This allows for the physical segregation, separation and protection of client money in client accounts as well as full visibility of multi-currency accounts using Cashfac’s Multibank solution.

    The payments process has been fully automated and integrated with the firm’s existing back office system to provide a secure, transparent and auditable process that allows the firm to reduce their reliance on manual processes and ultimately saves them time and money as well as reducing risk.

    The Benefits

    Cashfac has fully automated the management and control of payments, invoices and reconciliations providing real-time visibility across the entire life cycle of a payment. The benefits include:

    • Automated payment collection, reconciliation, receipt allocation and matching
    • Connectivity to primary systems to receive downstream feeds converting them into expectation to receive credits and debits
    • Automated reconciliation processes leaving only a few exceptions to manually allocate

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  • Global tax advisory firm exceeds efficiency standards

    Global tax advisory firm uses Cashfac’s Virtual Account Solution to generate efficiencies in the management of insolvency cases

    One of Cashfac’s customers is one of the leading organisations of independent assurance, tax and advisory. With almost 40,000 employees, across 120 countries, the firm specialise in providing audit, tax and specialist advisory services to privately-held businesses, public interest entities and individuals.

    Cashfac have been central to the firm’s plans to provide an enhanced cash management platform that improves operational processes in respect of personal individual voluntary arrangement (IVAs).

    The Challenge

    The introduction of new Personal Insolvency regulations in Ireland precipitated stricter requirements for the
    reconciliation and control of both debt management plan (DMP) and IVA client cash. The tax advisory firm acknowledged that a virtual account solution would meet these requirements and expand their service offering as their regional office in Ireland did not manage personal insolvency cases.

    The Solution

    The firm had already successfully implemented Roybank, a Royal Bank of Scotland virtual bank solution built on Cashfac technology. The solution was seen as a highly efficient way of supporting requirements for a bankruptcy and insolvency administrator and enabling personal insolvency businesses to comply with strict client cash requirements. A similar solution was rolled out for the firm’s Ireland operation to support their Individual Voluntary Arrangement (IVA) division for the management of Personal Insolvency cases in the Republic of Ireland.

    Cashfac’s technology reduced the administrative burden for the firm in setting up and managing a large number of
    insolvency case accounts. It also reduced the time taken to return client assets following the insolvency of a firm or individual. By automating the management of case records, payments, reconciliations and receipts, the firm was able to view a single, real-time picture of the assets held across all insolvency case bank accounts.

    The Benefits

    Cashfac has provided the firm with a single banking platform that is scalable into all streams of the business and reduced the complexity of bank account infrastructure operated by the firm. The benefits include:

    • Fully automated payments and receipts thus removing the rigidity and complexity of administering all transactions.
    • Automated matching of outgoing and incoming payments.
    • Real-time opening and closing of accounts.
    • Automated daily online reconciliation with only exceptions presented to the firm for action.
    • Full integration with existing proprietary primary bank and trustee systems.
    • Advanced reconciliation options around cheque processing through forward posting techniques and automated matching.
    • Enhanced reporting capabilities that support all legislation and reporting requirements governing the management and administration of corporate and personal insolvency services.

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  • Powys County Council uses Cashfac to help vulnerable citizens

    Giving Powys County Council the speed and efficiency needed to help vulnerable citizens with Cashfac Care Accounts.

    Powys County Council is a Welsh Unitary Authority with an 8,000 strong workforce that serves one of the most sparsely populated areas of the UK. Its adult social services department delivers support to 100 vulnerable adults with dementia who are at risk of financial abuse. Where necessary it applies for court orders so it can receive their pensions, allocate cash for them to spend, and pay bills such as care fees.

    Cashfac has been instrumental in automating the administration of all Powys County Council service user accounts to reduce the complexity and cost of manually managing multiple spreadsheets, bank statements and bank accounts.

    The Challenges

    With an aging population, local authorities are under pressure to provide good quality, cost-effective care to the growing number of people who have complex needs. Once a decision on the status of the vulnerable citizen is made the council notifies the courts and Department of Work and Pensions (DWP) and the Council can then receive payments owed to the citizen by the DWP, private pensions and the court funds office as well as any refunds on fuel
    over-payments from utilities companies.

    Previously, Powys County Council used regular bank accounts for each service user and logged payments into spreadsheets and databases designed for administrative purposes rather than financial automation. The system was bureaucratic and costly to operate because it dealt with multiple bank statements showing receipt and cash management on multiple spreadsheets. The council recognised that they needed a scalable system which would enable it to administer the ever-increasing number of vulnerable adults’ accounts more effectively.

    The Solution

    By consolidating all deputyship, appointeeship and guardianship accounts into a single, virtualised account structure Cashfac Care Accounts solution provides local authorities with a single, real-time picture of the assets held across all of its service user bank accounts which enables the management of payments and real-time balances.

    Cashfac has removed the need for Powys County Council to manually reconcile bank accounts or make individual payments. The automation of all payments and receipts makes it easy for council staff to get an overview of payments, while removing human error from the system and providing the confidence that fees are paid to nursing homes and other suppliers on time.

    Cashfac’s solutions meet the requirements of the Office of the Public Guardian (OPG) in England and Wales and are scalable to meet the needs of the growing number of vulnerable individuals for whom Local Governments and public bodies provide care.

    Lucy Stimson from Powys County Council said “Our department was using nearly 50 different paying-in books, so the team wanted virtual accounts to streamline administration and tidy things up. This system has helped claw back the amount of time spent on paper administration.”

    The Benefits

    Cashfac reduces the administrative burden of setting up and managing large numbers of service user bank accounts. The benefits include:

    • Reduced complexity and cost of manually managing multiple spreadsheets, bank statements and bank accounts.
    • Greater insight into payments and real-time balances across all accounts.
    • Scalable to meet the needs of the growing number of vulnerable individuals.
    • Support of all record-keeping and audit requirements for submitting service user account information to the Department for Work and Pensions.

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  • Pensions administrator transforms client pension contribution and administration process

    One of Cashfac’s clients is an experienced third-party administration company that delivers first class services to all types of pension schemes and their members. It currently has over 10 schemes under administration which are a mixture of Defined Benefit, Defined Contribution and Hybrid pension schemes.

    Cashfac was a driving force in automating many of the manual processes that existed across the firm’s fund administration infrastructure. Cashfac’s solutions have helped the firm manage payments and investments more efficiently on behalf of their clients as well as reduced the cost and risk of running onerous, manually intensive processes.

    The Challenge

    The firm wanted to streamline their administration and implement a platform for growth so they could rapidly and aggressively acquire new business. Manual processes needed to be eliminated for operations to scale and best in class standardised practices implemented if the operation was to offer the highest level of customer service.

    The Solution

    In conjunction with Lloyds Bank, a Cashfac Partner Bank, Cashfac’s solutions were used to automate the processing of all pension contributions for the group schemes. By centralising and automating the treasury operations needed to support multiple clients and funds, the pensions administrator now has greater operational control over payments, collections and investments. All payments are generated and authorised on line including direct credits / debits and
    real-time gross settlement intra-day high value payments. In the collection phase Cashfac is used for the control, reconciliation and allocation of pension contributions received in aggregate from employers and received directly from members. Additionally, in the investment phase, Cashfac is used for payment to and receipt from investment funds.

    By simplifying their existing account infrastructure the firm now operate a single pooled bank account with Lloyds Bank into which all of their transactional client accounts are virtualised. This has replaced the existence of formerly paper based and manual requisition and authorisation processes, as well as automating and simplifying the account opening process.

    Cashfac has bridged the gap between payroll and internal pension administration systems to eliminate the omissions and errors that delay investment. The firm is now also better able to support best practice standards for processing pensions contributions and ensure compliance with regulatory and financial control requirements.

    The Benefits

    Cashfac has enabled greater operational control over payments, collections and investments and provided the firm’s clients with greater visibility into pensions contributions and cash movements within client fund accounts. The benefits include:

    • Automated reconciliation of payments to speed up investments and positively impact on compliance, transparency and returns.
    • More accurate validation of pensions contributions and expected payments match amounts expected.
    • Greater support of service level agreement best practices with pension administrators.
    • Automated delivery of consolidated contribution analysis directly to the administrator and elimination of manual distribution methods.
    • Greater financial control through verifiable payments, online authorisation, reconciliation and audit trails, all supported with real-time access to historical data.
    • Short delivery and implementation period of only 8 weeks.

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  • Property and real estate firm achieves greater control and transparency

    Commercial property and real estate firm achieves greater control and transparency across cash management operations with Cashfac

    One of Cashfac’s clients is a commercial property and real estate consultant with approximately 250 offices in over 50 countries, employing almost 20,000 professionals. It delivers solutions to landlords, tenants and investors at each stage of the real estate & commercial property process.

    Cashfac has been active in enabling the property management firm to fully integrate their financial and accounting systems in order to increase operational efficiencies in the management of cash against their general ledger. Cashfac’s solutions have helped them to reduce the levels of manual processing in their operations to support enhanced levels of regulatory compliance.

    The Challenge

    Similar to other global property management firms, Cashfac’s client managed a significant commercial rent property portfolio across the UK and operated hundreds of real bank accounts. This caused inefficient account administration as well as onerous manual reconciliation. Allocating receipted cash to individual real bank accounts involved painstaking spreadsheet activity. The firm also utilised several versions of Yardi property management software both as their own property system in addition to inherited client specific versions of the software.

    The firm needed a cash management solution that would enable them to re-engineer their existing cash management processes and bridge the gap between their cash and ledger system across their banking operations. They would also need to ensure that the new automated processes were fully compliant with the RICS regulations.

    The Solution

    Royal Bank of Scotland, a Cashfac Partner Bank, and the core relationship bank for the property management firm had been in discussions with the organisation on the benefits that could be realised by improving their cash management operations.

    The firm introduced Roybank, an RBS virtual bank solution built on Cashfac technology, that specialises in bridging the gap between the cash and ledger system across industry sectors. By leveraging the Royal Bank of Scotland and
    Cashfac partnership, the property management firm were able to standardise their cash management processes across teams and multiple systems, offices and locations.

    Through Cashfac, they were able to automate the management of processing all rent and service charge payments as well as the management of expectations of payments and receipts. Specifically, optimising Cashfac’s proven reconciliation capability has greatly reduced the most significant operational burden of all – allocating rental receipts to the right accounts. By reducing the levels of manual processing the firm now enjoys greater visibility of fund flows across the organisation as well as enhanced regulatory compliance.

    The Benefits

    Through Roybank Cashfac has improved operational efficiencies by reducing the number of real bank accounts and automating the management of cash movements and bank account payment processing. The benefits include:

    • Interest accrual and payment controlled on all virtual accounts.
    • Advanced reconciliation options around cheque processing through forward posting techniques and automated matching.
    • Automated daily online reconciliations with only exceptions presented for action.
    • Standard reporting options and the ability to build customised proprietary reports.
    • Accounting entries created for general ledger systems for executed payments and receipts.
    • Real-time account opening and closing.

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  • Jardine Lloyd Thomson improves efficiency for Pensions finance teams

    Jardine Lloyd Thomson improves efficiencies for Pensions finance teams with Cashfac

    Jardine Lloyd Thompson (JLT) is one of the world’s largest risk specialist and employee benefits groups, providing cutting-edge workforce benefits and financial products for leading organisations.

    Cashfac has enabled JLT to streamline and automate their administrative and banking processes, allowing the group to reduce its reliance on manual workflows and achieve significant cost efficiencies over the last ten years.

    The Challenge

    JLT’s standard accounting practices demanded that the finance department was required to manually confirm receipts of pension contributions before the pension administrators could disaggregate them and make investments.

    This added complexity and drastically slowed down the investment process as the administration team were required to make regular checks with the finance department before the administration and scheduled investments with external funds could be completed.

    The manual re-keying of transaction details by administrators and finance teams resulted in time consuming, repetitive tasks, reliance on paper based processes and greater risk of human error. Additionally, where details could not be verified JLT faced potential delays to investments.

    The Solution

    Cashfac’s solutions have enabled JLT to simplify and streamline their administrative processes and reduce the need for manual intervention.

    Cashfac’s platform automatically connects to JLT’s five banks, replacing the use of five electronic banking platforms for payment input and bank account reconciliations. JLT’s administrators now have visibility of all relevant bank accounts, can input payments online within one integrated workflow process, and can allocate receipts with much greater precision.

    The automation of this process removes rekeying of information into accounting systems and improves the speed of reconciliations. By reducing the number of manual processes for
    checking receipts and payments, JLT has reduced the number of omissions and human errors that delay investments.

    By automating administrative processes in the pensions finance team, staff training has been simplified which has further reduced internal costs.

    Cashfac’s consultancy team worked alongside JLT to manage the program’s scoping, project plan, installation and delivery. This approach ensured streamlined processes without disrupting JLT’s daily operations.

    Ian Robinson, Chief Operating Officer at Jardine Lloyd Thompson said “With Cashfac’s Virtual Bank Technology, we’ve achieved better cash management, consistent cost savings and easier regulatory compliance across different business units by automating core processes.”

    The Benefits

    Cashfac has improved JLT’s financial control while further empowering its cash operations in each country. The benefits include:

    • Increased financial oversight and control.
    • Improved cash management.
    • More efficient operations as paper processes are removed.
    • Departmental headcount reduced.
    • More efficient investment as incoming monies identified faster.
    • Automated processes remove repetitive manual retyping tasks.
    • Greater operational flexibility for local offices.

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  • Pensions and employee benefits provider delivers efficient investment processes

    Pensions and employee benefits provider delivers its clients more efficient investment processes with Cashfac

    One of Cashfac’s clients is one of the UK’s leading specialists in pensions and employee benefits. Addressing the needs of both trustees and companies in pensions and actuarial services, flexible benefits and healthcare, it administers pension funds for approximately 150 clients looking after approximately 200 funds.

    Cashfac has been integral in enabling the firm to automate many of their manual processes, allowing for a reduction in cost and human error. Cashfac’s solutions have helped them to improve their management of client money as well as enhancing their reporting capabilities.

    The Challenges

    The firm understood that they faced a number of financial and human resource based pressures with their existing client money management infrastructure. They needed the ability to take a single view of cash movements across their operation and automate key operational tasks such as agreeing contracts, creating payment instructions and enabling the communication of any settlement details to their internal accounting system.

    The manually intensive nature of their legacy cash management operations meant that numerous fax instructions were distributed between the firm and various fund managers in order to agree the purchase of a specific fund. Once agreed, a different, manual process of creating a payment instruction took place in order to settle the fund purchase and in many cases paper based authorisation was needed ahead of releasing funds.

    Additionally, the firm wanted to automate the management of receipts and allocations that were highly manually intensive and involved a team of employees printing reports and manually checking each account for confirmation that payments have been received.

    The Solution

    In conjunction with Lloyds Bank, a Cashfac Partner Bank, Cashfac’s solutions enabled the firm to gain greater operational control over their cash operations. By simplifying and virtualising their existing account infrastructure their treasury function now have real-time visibility and greater control over client accounts.

    Working with Lloyds and Altus Instruction Gateway (AIG), a provider of fund management investment technology, Cashfac delivered a fully automated end-to-end solution for the investment and disinvestment of funds. Fully integrated with the firm’s internal accounting system the automated management of settlement details removed
    the need for manual reconciliations and potential human error. Payment, authorisation and receipt allocation management processes were automated to facilitate the real-time flow of information on every transaction, delivering greater intelligence across the entire life cycle of a payment. This enriched data, not previously available, enabled the firm to enhance their reporting capabilities.

    The Benefits

    Cashfac has enabled greater operational control over cash operations and provided the firm’s clients with levels of transparency into their balances and transactions that was not previously available. The benefits include:

    • Simplified management of bank account infrastructure for 200 client accounts, and growing.
    • Automated payment processes for Administrators who receive funds by cheque, BACS and Chaps.
    • Reduced reliance on manual processes to create investment and disinvestment transactions between the firm and their fund managers.
    • Automated, real-time payments processes for releasing payments, allocation and reconciliation.
    • Enhanced reporting capabilities through real-time availability of enriched data across the entire payment process.

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