Insurance

FOR BUSINESS

Insurance

Cashfac offers a new method for the administration of money belonging to clients within the insurance sector, whether it is held in statutory or non-statutory trusts or under the risk transfer provisions.

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Helping Insurance Companies with the management and segragation of cash

Over the last few years the Financial Conduct Authority (FCA) has continued to ramp up its enforcement of CASS 5 client asset compliance for insurance brokers; driven in no small part by the poor results shown from its inspection visits.However, the main engine for the increase in regulatory enforcement has been the introduction in 2015 of the “Client Asset Assurance Standard” by the Financial Reporting Council (FRC), the revised version of which came into force in January 2020. This standard has effectively required auditors to do their job more effectively and to ensure there is a proper Client Money control regime in place across
the insurance sector.

Regulation is an important driver for improving an insurance firm’s cash operations, but it is by no means the only or even the most important one. While the insurance industry has gone from strength to strength on the back of a growing economy and increased returns on investment in recent years, it still faces many longer-term challenges. Perhaps primary among these is making effective use of insurance technologies (InsurTech) in an increasingly competitive market. Furthermore, the opportunities (and challenges) being afforded to the industry by global open banking initiatives have created an opportunistic time for those running the cash processing and reconciliation teams in the insurance industry.

To meet these challenges and opportunities, rather than patch up existing approaches to CASS 5 and CASS 7, Cashfac offers a new method for the administration of money belonging to clients within the insurance sector, whether it is held in statutory or non-statutory trusts or under the risk transfer provisions.

For more information, download our 'Cashfac for Insurance' brochure or contact the team to discuss your requirements or request a demonstration.

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OUR SOLUTIONS

From banks and non-banking financial institutions to property management firms and government departments, our solutions help hundreds of organisations improve the productivity, visibility, automation and regulatory compliance of their cash management operations.

Cash Flow Forecasting

Cash Flow Forecasting

Our cash flow forecasting solution helps business owners to forecast and revise their cash flow on a daily and intraday basis.

Client Money Management and Compliance

Client Money Management and Compliance

Our client money (CASS/MiFID II) solution offers a full suite of accounting, banking, reconciliation and reporting functionality.

In-house banking

In-house banking

Our in-house banking solutions help businesses to centrally control cash operations across multiple banks and regions without the need for a banking license.

Interest Rate Management

Interest Rate Management

Our virtual accounts platform allows businesses to calculate interest due on their virtual account independently of their real bank account

Liquidity Management

Liquidity Management

Cashfac’s liquidity management solution works with your existing accounting/ERP, treasury management and back-office systems.

Multi-bank

Multi-bank

Our Virtual Accounts platform is a multi-bank cash management solution. It is designed to provide centralised visibility and control of all banking operations.

Order-to-Cash

Order-to-Cash

Cashfac works with your existing systems to help shorten your business’s order-to-cash (O2C or OTC) timeline.

Payments

Payments

As an FCA authorised PIS (Payment Initiation Service) provider, our virtual accounts platform allows businesses to initiate payments straight from our platform.

Talk to us today

To find out more about how Cashfac's solutions can help your business, get in touch with our helpful team

Or call us on

+44 (0)20 7920 0617
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