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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
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