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Virtual Accounts

Cashfac’s VBT delivers the most powerful virtual bank account solution available; fully bank-active, flexible account types and hierarchies, and automated allocation and reconciliation of transactions.  Connected to Corporate client’s ERP systems it is capable of segregating and managing expected and actual payments and remittances thereby delivering detailed cash flow forecasting.  With tools that allow interest rate and credit limit management, sweeping, pooling and the ability to tailor statement production, it delivers unparalleled functionality.

A single bank account can be virtualised into thousands of bank-active virtual bank accounts and when a payment is made against a virtual account, the solution automatically creates a bank instruction that is immediately reflected on the virtual and real bank accounts – it’s instant and 100% accurate; no re-keying of data; it is continually reconciled to ensure transaction integrity.

Cashfac’s VBT supports target balancing, including taking into account the value of transactions in the pipeline, and proactively eliminates redundant bank balances. Operations staff have more data, greater visibility of transactions and balances, therefore the complexity of managing multi-account infrastructures is eliminated.

Cashfac accelerates integration with both bank systems and client side systems (ERP) with pre-packaged Bank Drivers, Cashfac’s APIs and mapping technology, for an easy to use intuitive ETL tool.  This reduces the integration burden with new banks or client side systems.

For Corporate or Business Banking clients Cashfac places control of their bank accounts in their hands. Flexible account structures allow segmentation of the business more precisely and allows them to gain greater transparency and control over cash.

Simplification: A single view and a single platform for any number of accounts linked to multiple banks.

Compliance: Cashfac Virtual Accounts identifies and protects client monies by segregating client funds in dedicated client accounts.

Speed: Instant creation of multiple bank accounts so that client onboarding limitations are removed and payments can be managed immediately.

Scale: Quickly scalable to meet the changing needs of corporations, enabling them to improve how they client money management.

Audit: continuous reconciled views of client cash and internal ledgers to demonstrate necessary segregation of client money and clear records of all transactions to support all associated audit and reporting requirements.

Client Friendly:  Cashfac Virtual Accounts provides corporations clients with a portal to see their own accounts, reducing internal administration and creating transparency across the cash management process.