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Client Money

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:

  • allows users to rapidly and securely open large numbers of client accounts named in accordance with regulation.
  • actively manages any number of designated client money bank accounts as well as pooled client money accounts.
  • enforces the separation of functions including client on-boarding, client account maintenance and payments whilst ensuring authorizations match the organizations permission regime.
  • tracks client money in transmission to and from external parties
  • monitors the clearing of transactions and physically checks the clearing status of every payment.
  • automatically allocates incoming funds to client accounts in a straight through process.
  • performs the physical task of segregating the client money including the transfer of fees and other non-client money amounts out of client money bank accounts.
  • accurately computes, accrues and posts interest to client accounts
  • automatically reconciles any number of bank accounts at one or multiple banks and provides complete and accurate ledger entries for accounting systems.
  • continuously reconciles client accounts through the day to provide visibility of real time balances and the ability to produce client money calculations intra-day and end-of-day.
  • prevents overdrawn client accounts and separates client credit facilities to manage the funding of these positions.
  • provides full accounting uploads for receipts, payments, allocations, balances for in house accounting systems using in house references for fast matching and posting.
  • provides a continuous 7+ year audit trail of account actions, transactions, authorizations and rejections.
  • flexible matching and allocation rules with exception tools for speedy resolution of unexpected cash including the option to return the cash to origin.