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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Cashfac Client Money provides a real time granular approach to controlling the entire client money lifecycle. From real time account opening, through to the identification, physical segregation/separation and protection of client money in client trust accounts, designated client bank accounts and trust accounts, the solution provides unparalleled control.
Bank accounts are reconciled daily; client accounts are continuously reconciled. All cash movements are automatically allocated to accounts. Client money calculations (including FCA CASS 5 and CASS 7 and the CMAR client money calculation) can be made in real time and in confidence.
Cashfac accelerates integration with both bank systems and client side systems with pre-packaged Bank Drivers for many of the leading banks and Cashfac’s APIs and mapping technology, an easy to use, intuitive ETL tool, which reduces the integration burden with new banks or client side systems.
The management of client money has been a major target for regulatory authorities. Failure to comply with regulation has resulted in large fines, closure of financial services businesses, reputational damage and potential jail terms for board level members who are personally liable for compliance.
Client Money Management – Features & Functionality: