@sipp Limited goes live with Cashfac Virtual Bank Technology (VBT) to drive process automation and increase productivity

@sipp Limited, a long term user of Cashfac’s solutions, through a Partner, entered into a direct relationship with Cashfac to integrate our flagship virtual accounts solution with its existing core systems to drive process automation and increased productivity across all aspects of its cash management operations.

Following substantial investment in its people, premises and infrastructure, the Glasgow-based provider has in excess of £1.6bn of assets under administration and services over 4,000 clients.

Self-Service Banking with Virtual Accounts

@sipp decided to run a scalable business transformation programme to help drive business growth and reduce their reliance on manual processes such as account opening/closure, payment processing and reconciliation.

Cashfac was selected to implement a self-service banking model using virtual accounts. Doing so replaced thousands of individual bank accounts with one pooled bank account. Key customer journeys became automated using a rules-based approach to transaction processing, with double-entry book-keeping for accounting control.

Improving Customers’ User Journeys

In addition to automating customer journeys, @sipp wanted to improve the user experience across their administration teams. This was achieved by integrating Cashfac with their primary business system – SIPP PRO.  This meant all transactions and account opening instructions from SIPP PRO were passed automatically to Cashfac for real-time processing and routing to their bank for settlement.

The expected contributions are now automatically allocated at client level when received, with data being passed to SIPP Pro each morning for bulk mark-up to speed up the reconciliation process.

Preparing for What’s Next

New industry developments such as Request to Pay (RtP), virtual IBANS and Open Banking through PSD2 bring additional opportunities for automation and enhanced customer service. The virtual account banking model accounts will allow @sipp to evaluate and more flexibly adopt new industry practises within their operational framework.

Stephen Lancaster, Head of Finance commented: “We pride ourselves on consistently delivering efficient and high-quality service to our clients. It, therefore, goes without saying that we are delighted that Cashfac’s solution has managed to deliver material efficiency gains within the critical function of cash control”.

Richard Cummings, CEO of Cashfac, said: “Cashfac’s solution is designed to sit as the cash control “hub” at the centre of a Sipp provider’s or wealth manager’s best-of-breed back-office systems architecture.  The Wealth Management sector is a key area of expertise and focus for Cashfac and we are delighted to be working with @SIPP to deliver its vision for achieving its key strategic goals.”

About @sipp

@sipp was formed in 2001 and currently provides a wide range of member-directed pension solutions to over 4,000 clients. The Glasgow based firm, which is privately owned, has £1.6 billion of assets under administration.

@sipp is following a strategy to build a national provider of member-directed pensions solutions as the sector responds to market and regulatory influences.

Find Out More

For more information on how Cashfac can help scale your business’s transformation please contact the team to discuss your requirements.