Cashfac Adds Applications to Cloud Offering
Cash management software specialist Cashfac Technologies has launched a suite of cloud applications aimed to transform the management of cash for any business.
The company said that the best-practice cloud applications are designed with usability geared towards specific industry segments or business functions and have pre-configured, highly defined functionality to enable rapid deployment and faster client benefit.
Available across a range of industry segments including insolvency, insurance, legal, local government, property and pensions, the cloud applications provide a single, real-time view and management of cash flows across multiple bank and client account infrastructures while reducing firms’ reliance on complex, costly and manually intensive processes. The cloud environment also removes the requirement for users to commission their own infrastructure and thereby supports the rapid on-boarding of solutions and applications.
Cashfac said that the cloud applications are underpinned with smart virtualisation technology enabling client bank accounts to be instantly created so that payments, allocations and receipts can be automated and managed right away. Unlimited numbers of real and virtual bank accounts can be consolidated within the applications into a single view to simplify operational processes and reduce the reliance on manually intensive and spreadsheet based processes which are unreliable and at risk of errors.
With pre-packaged intelligent bank drivers and SWIFT connectivity, the cloud applications provide connectivity to banks while batch or application programming interface (API) connectivity provides simple integration with client-side systems and primary enterprise resource planning (ERP) and accounting systems.
The applications provide firms with real time account information and a continuous 7+ year audit trail of account actions, transactions, authorisations and rejections, and user actions. They also provide continuous reconciled views of client cash and internal ledger systems to demonstrate necessary segregation of client money and clear records of all transactions and the associated audit trail, in line with client money regulations including CASS 5 (for insurance intermediation) and CASS 7 (for investment business) rules.
“This new suite of cloud applications will further remove many of the traditional software implementation barriers that firms face and accelerate integration with both bank and client side systems,” said Alastair McGill, managing director, global business, Cashfac. “The elimination of individual client configuration, allows for rapid, cost effective on-boarding and instant benefit to clients.”