The time it takes to open a full bank account - weeks and even months due to the need to comply with KYC regulations - is one of the biggest drags on effective cash management. Virtual accounts can, to a large extent, solve this problem, so it is no wonder that the usage of Cashfac’s virtual account technology and platform is growing.
Cashfac Technologies today announced that Santander has gone live with its Corporate Cash Management & Client Money Solutions. Santander has white-labelled Cashfac’s technology to provide end-to-end cash management solutions via its Santander Connect online banking service for corporate and commercial clients. The Cashfac powered services will offer cash management solutions which serve insolvency practitioners, property managers, fund managers and investment companies.
Corporate cash management
Cashfac’s solutions provide a real time, granular approach for corporates to better control cash across their enterprise. They fully automate the management and control of payments, receipts and reconciliations to reduce corporate institutions’ reliance on manual processes and provide real time visibility across the entire lifecycle of a payment.
Client money management
Where organisations are responsible for managing Client Money and complying with client money regulation Cashfac enables complete control over the entire client money lifecycle. All client money movements are identified, automatically segregated and allocated to provide unparalleled control and protection.
Joanne Sugden, Head of Transactional Banking & Liquidity, Corporate Banking atSantander, said: “We needed a cash management solution that could be deployed across a variety of market sectors and enable our corporate customers to manage high volumes of accounts and client payments, automate complex back office processes and ensure that their reporting operations adhere to the necessary audit and regulatory requirements. Cashfac’s client money solutions provide the capability for our corporate customers to manage their client funds more efficiently on a system which sits alongside the existing Santander banking platform.”
CTMfile take: Virtual account technology is becoming a vital part of effective cash management solutions. The technology’s importance is shown by the level of interest on CTMfile with items on virtual account technology being, by far, the most visited topics on CTMfile, e.g. the item - Virtual accounts are revolutionising cash management and payments/collection | C&TM File - has been viewed some 5,000 times.
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