Cashfac, one of the leaders in the use of virtual accounts in cash management, have launched a cloud based version of their Virtual Bank Technology platform that, they claim, will provide best-practice cash management solutions for specific industry segments and business functions. These pre-packaged solutions include:

• bank drivers providing connectivity to many of the leading Banks
• integration to primary ERP and accounting systems
• regulatory compliance for particular industries
• fully secure and certified operating environment

to provide straight through connectivity from users’s primary systems through to the bank using real-time web service APIs and/or flat file batch interfaces.

Industry and business function specific solutions

Cashfac has developed a range of industry and business specific solutions, such as the solution for Property Management shown below, which provides:

Source & Copyright©2014 - Cashfac Technologies PLC

Other pre-packaged cloud applications include those for: Law & Trust firms, SIPP Providers and Insurance Providers.

Charges for the new cloud based services are tiered, allowing the applications to be used by small and large clients alike, and based on consumption metrics including users, data, transaction and account volumes, and the level of service support required.

User benefits

The main benefits of the new Cashfac Cloud Service are:

• preconfigured application based on industry best practice 
• simple integration to common industry specific core systems
• fully managed IT and Application Management services to allow companies to concentrate on their business
• real time proactive support with immediate access to technical personnel
• upgrades & enhancements managed to ensure the latest functionality is available
• vaulted backup and full disaster recovery service.

Alastair McGill, Cashfac’s Managing Director - Global Business, believes that the Cashfac Cloud Service, “Removes the burden of heavy lifting from the client, simply onboarding them onto a preconfigured, highly relevant application that is quickly integrated to their core applications; it’s non-disruptive and delivers a fast time-to-benefit for our clients”

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CTMfile take: Cashfac’s Virtual Banking Technology changes how corporate treasurers need to think about cash management and bank account management. It is now possible to run a whole business, e.g. insolvency management and many other businesses, from a minimal number of bank accounts.

(See also other item on virtual accounts.)