Advantage allpay as firm migrates to Cashfac’s Hosted and Managed Service
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 Pension & Superannuation Management is an advanced and innovative specialist contributions solution that enables same-day investment of pensions contributions.
The solution bridges the gap between payroll and pension administration systems to eliminate the omissions and errors that delay investment. It supports best practice standards that are applied to processing pensions contributions to enable compliance with regulatory and financial control requirements.
Cashfac Pension & Superannuation provides a single platform to manage hundreds or thousands of bank accounts and analysis or sub accounts. It can virtualize thousands of transactional client bank accounts, for both new and existing pension products that can be seamlessly linked to a Life & Pension provider’s existing internal systems and bank accounts. The solution enables all existing pensions to have an integrated client bank account to allow full flexibility to the policyholder for cash retention and income withdrawal.
Cashfac Pension & Superannuation can be used to bring clients, financial advisors and fund managers into the contribution management process. Cashfac enables either view only or transactional capability to approved external parties. Trustees, Fund Managers or IFA’s are able to view all funds of associated customers. Customers can view their contributions including a breakdown of employee and employer contributions, allocations to specific investment funds and have an ability to make direct payment of additional voluntary contributions.
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 FileMapper technology, an easy to use, intuitive ETL tool, which reduces the integration burden with new banks or client side systems.
Processing pension contributions is often a time-consuming, onerous and fragmented task. Each step is open to omission or error, especially where spreadsheets are used. Multiple payrolls and sites need to be consolidated, while large companies struggle under the sheer volume of employees joining, leaving and changing their contributions.
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