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Cashfac Care Accounts is a bank enabled cash management platform for local governments, social care providers and housing associations allowing them to better manage monies on behalf of vulnerable and unbanked communities.
Aging populations, increasing rates of dependency, higher numbers of individuals suffering from debilitating conditions such as dementia are all placing governments under greater pressure around the provision of care services. Coupled with this, government initiatives such as Universal Credit in the UK are placing greater responsibility on individuals, and those responsible for their care, in managing their finances. Governments, social care providers and other associations that support vulnerable segments of society need more robust solutions for managing individuals’ cash.
The Cashfac Care Accounts platform provides full traceability in tracking the movement of all monetary transactions through service user bank accounts and ensures consistent control through restrictions that can be applied to different expenditure types and those who have access to an account. It speeds up and simplifies the opening of service user accounts, trustee accounts and guardianship accounts, which can be done in real time, and enables closed or dormant banks accounts to be reopened easily. Care service providers are given a single, real time view of cash across all service user accounts. Cashfac provides greater visibility of transactions and balances and the complexity of managing multiple service user accounts is eliminated. Reconciliation of each service user account becomes more streamlined and easier to manage.
Connectivity to local government, social care provider and housing association primary systems allows expertise and information to be easily shared in a cost effective manner, reducing the need for manual intervention. The platform also eases the burden of producing annual reports for the Office of the Public Guardian (OPG).