Digital Cash Accounts
- Solutions that focus on cash flows after the cash is at the bank, miss the point that the bank’s customers process start before the payment transaction.
- Solutions that focus on labelling an account’s transactions to emulate a sub-ledger miss the point that precision and control are derived from a double entry based platform
Digital Cash Accounts
- An integrated self service environment
- The corporates to focus on who hasn’t paid and payment discrepancies rather than ticking the payments that have arrived
- The corporates to integrate to the bank where the focus is on the operational flows rather than payment credit and debits
- The corporates to have a self service environment that mirrors their primary platforms and reconciles in real time
Innovation Without Disruption
The Value We Bring
Cashfac is configured for the digital age – providing Cloud and Open Banking ready tools that provide agility, flexibility and scalability
Attract new and retain existing customers
Attract new and retain existing customers Introducing or updating to Cashfac’s Escrow Account solution enables banks to win new customers and retain existing customers.
US Bank was able to win 17 new customers in their first 6 months of rolling out Cashfac’s solution.
Increase deposits
Bank deposits will increase with the introduction of Cashfac’s Escrow Account solution. Escrow deposits are also relatively stable.
US Bank’s deposits increase by $46M within first 6 months of operation
Reduce reliance on core platforms
Cashfac’s Escrow Account solution requires only a single header/pooled account for each customer. Once customer has been onboarded to the bank, there is no further impact to the core platform, while still retaining all the necessary regulatory controls.
Effort reduced from > 4 hours to < 5 mins to open pooled account only. All other accounts are created by the customer (self-service)
Reduce reliance on bank operations staff
Cashfac’s Escrow Account reduces the reliance on the Bank’s operational staff by eliminating manual processes that are currently being done on behalf of their customers.
Effort reduced from > 4 hours to 0 mins for most tasks
Delivers solutions tailored for new market sectors
Deepen presence in existing industry sectors. Cost-effectively and efficiently enter new industry sectors.
Bank onboards Healthcare organisation and adds > 2,000 accounts
A self-service solution for the bank's customer
Improved visibility and control. Customers that currently send instructions to the Bank to open sub-accounts, request transactions on the accounts, and ask for copies of statements, often experience in delays in fulfilment. Cashfac’s Escrow Account allows Bank customers to open accounts, transact against the accounts, access reports and statements, immediately with no delay.
0 mins additional effort for bank operations team
Start the day with most transactions processed
Delivers an enhanced customer experience and removes re-keying effort for the customer. Customer starts the day with most processes complete and accurate positions across all accounts
Bank service averages a 98% auto allocation rate across its customers
Integration reduces rekeying risk and effort
Batch and API integration options are available to the bank customers for account creation and transaction initiation to avoid manual keying and re-keying
Bank onboards an additional 30,000 accounts onto Cashfac platform from competitor bank. Onboarding fully automated and completed through BAU processes
Focus on exceptions rather than manual processing
Automated processes in Cashfac’s Escrow Account solution ensure customer users can focus a small number of exceptions rather than repetitive manual processes
Reduced risk of errors through automation and control
Designed for corporates/bank customers and delivered existing channels
Delivers and enhanced user experience as a white-labelled solution configured specifically for Escrow accounts. Corporate focus allows users to identify non-receipt of incoming payments as well as identifying receipt discrepancies
Improved cash controls for the bank customer
Cashfac is configured for the digital age – providing Cloud and Open Banking ready tools that provide agility, flexibility and scalability
Attract new and retain existing customers
Attract new and retain existing customers Introducing or updating to Cashfac’s Escrow Account solution enables banks to win new customers and retain existing customers.
US Bank was able to win 17 new customers in their first 6 months of rolling out Cashfac’s solution.
Increase deposits
Bank deposits will increase with the introduction of Cashfac’s Escrow Account solution. Escrow deposits are also relatively stable.
US Bank’s deposits increase by $46M within first 6 months of operation
Reduce reliance on core platforms
Cashfac’s Escrow Account solution requires only a single header/pooled account for each customer. Once customer has been onboarded to the bank, there is no further impact to the core platform, while still retaining all the necessary regulatory controls.
Effort reduced from > 4 hours to < 5 mins to open pooled account only. All other accounts are created by the customer (self-service)
Reduce reliance on bank operations staff
Cashfac’s Escrow Account reduces the reliance on the Bank’s operational staff by eliminating manual processes that are currently being done on behalf of their customers.
Effort reduced from > 4 hours to 0 mins for most tasks
Delivers solutions tailored for new market sectors
Deepen presence in existing industry sectors. Cost-effectively and efficiently enter new industry sectors.
Bank onboards Healthcare organisation and adds > 2,000 accounts
A self-service solution for the bank's customer
Improved visibility and control. Customers that currently send instructions to the Bank to open sub-accounts, request transactions on the accounts, and ask for copies of statements, often experience in delays in fulfilment. Cashfac’s Escrow Account allows Bank customers to open accounts, transact against the accounts, access reports and statements, immediately with no delay.
0 mins additional effort for bank operations team
Start the day with most transactions processed
Delivers an enhanced customer experience and removes re-keying effort for the customer. Customer starts the day with most processes complete and accurate positions across all accounts
Bank service averages a 98% auto allocation rate across its customers
Integration reduces rekeying risk and effort
Batch and API integration options are available to the bank customers for account creation and transaction initiation to avoid manual keying and re-keying
Bank onboards an additional 30,000 accounts onto Cashfac platform from competitor bank. Onboarding fully automated and completed through BAU processes
Focus on exceptions rather than manual processing
Automated processes in Cashfac’s Escrow Account solution ensure customer users can focus a small number of exceptions rather than repetitive manual processes
Reduced risk of errors through automation and control
Designed for corporates/bank customers and delivered existing channels
Delivers and enhanced user experience as a white-labelled solution configured specifically for Escrow accounts. Corporate focus allows users to identify non-receipt of incoming payments as well as identifying receipt discrepancies
Improved cash controls for the bank customer
How We Deliver
Platform
Enterprise
SaaS
Direct to Corporate
Platform
Designed to enable banks to offer tailored solutions across multiple industry verticals.
Highly configurable and scalable to support high volume processing across a large set of customers.
The platform creates a highly integrated service closely coupling organisations cash flows to Cashfac with API and Host to Host connectivity.
Enterprise
Designed to enable banks to offer a tailored solution to address a specific market segment.
Delivering the industry specialism creates additional value for the bank’s customers.
The integration creates a seamless set of process flows from the corporate to the bank with API and Host to Host connectivity.
SaaS
Subscribe to a service that delivers the Escrow account functionality that you require out-of-the-box.
All the key capabilities of an enterprise solution, where subscribers can be onboarded and be operational within 6 weeks.
Direct to Corporate
Deployed direct to a corporate as a tailored service to meet the corporate’s specific requirements and offering multi bank connectivity.
Resources
Solution Literature
Escrow Account Service – Delivering an Enhanced Customer Experience
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