To download material from our website please take a minute to complete the registration form.
You only need to do this once.

Employee Benefits Management

Cashfac Employee Benefits Management improves the financial control of finance and administrative teams in managing flexible benefits and financial products. The bank connected solution automates and simplifies administrative and banking processes to improve cash management, allocation, reconciliation and the investment of cash.

It reduces the need for finance and administration teams to carry out manual tasks such as payment checks and re-keying payment details to online banking platforms, accounting or administration systems.

Cashfac Employee Benefits Management automates the opening of bank-connected accounts for schemes and individual contributors and integrates to payroll, pension scheme and fund accounting applications.

The solution provides employee benefits administrators with visibility across all relevant bank, scheme and contributor accounts to gain greater transparency and control over payments and receipts. Cashfac Employee Benefits Management automatically reconciles and allocates expected transactions, providing alerts and exception management capabilities for unidentified receipts. At the scheme level the solution enables the initiation of approved funds transfers to Fund Managers. Payments and receipts can be processed in a number of formats including BACS (single), CHAPS and SWIFT instructions. Statement and balance data for bank, scheme and contributor accounts are available real time and for specific statement periods

Features & Functionality:

  • operates across multi scheme, multi benefits, multiple providers and in house operations.
  • enables accurate, reliable and straight through methods of processing voluntary contributions directly via payroll.
  • replaces paper processes for checking receipts and payments.
  • automates and decentralizes all relevant cash management operations relating to the users business.
  • increases financial oversight and control.
  • improves cash management capabilities.
  • Enables greater investment efficiency with incoming cash identified faster.
  • removes repetitive and manual retyping tasks through automation and enables more efficient operations through removal of paper processes.
  • provides greater operational flexibility for local offices.