Market leading cash management software provider reports a 19% increase on 2016 revenues and the opening of additional hubs in Sydney, Edinburgh and Manchester
Cashfac Technologies, the world’s leading provider of Virtual Account Management (VAM) cash management solutions, today announced full year revenues for 2017 were on plan with a 19% increase over the previous year.
The increase in revenue reflected success at developing, selling and implementing the new generation of Cashfac’s Virtual Bank Technology Platform to banks. Cashfac’s Virtual Bank Technology Platform gives banks the ability to offer industry-specific Virtual Account Management (VAM) solution which differentiate their service offering and enriches customer relationships.
Over 2017 Cashfac successfully took new banks into production in Europe and Australia expanding the use of the Virtual Bank Technology platform. To support the company’s growth Cashfac opened new offices in Sydney, Manchester and Edinburgh.
Commenting on the company’s growth Richard Cummings, CEO, stated “We’re delighted that we continue to execute on target against our business plan. The demand for Virtual Bank Technology continues to grow as corporate banking teams seek to deliver new cash and liquidity management solutions to their clients. Cashfac’s VBT is now the world’s most widely deployed platform and we’re delighted to see our bank partners rolling out a broad array of solutions to their Corporate and Institutional banking clients”
Paul Ormrod, Founder and Executive Vice Chairman commented: “The market pull for productivity solutions that address the unique operational cash management challenges faced by different industry sectors has never been greater. Cashfac has continued to respond to these challenges with innovative, highly relevant and configurable technology that allows our bank partners and corporate customers a time to market advantage. As we look forward to 2018 I’m excited about the prospect of delivering new Cash Management apps for business banking clients, SME’s and start-ups.”