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Cashfac Employee Benefits Management is a bank connected solution that 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 administrators of employee benefits 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 while also 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 in real time and for specific statement periods.
For more information on our Employee Benefits Management Solution, download a complimentary copy of our Employee Benefits Management Solution Brochure or contact the team to discuss your requirements or request a demonstration.