Revenues driven by launch of new bank platform and increased sales through bank distribution channels.
Cashfac Technologies, the market leader in Bank-to-Corporate Cash Management solutions, today announced full year revenues for 2015 were on plan with a 38% increase over the previous year.
The company has benefited from revenue increases from both new and existing channels. A number of Cashfac’s existing bank partners have seen a significant increase in adoption of Cashfac-powered solutions by their Corporate and Business Banking clients. The increased adoption has been witnessed in a number of geographies and across different corporate markets including the non-banking financial sector and public sector.
Revenues also increased from sales of the firm’s new Virtual Bank Technology (VBT) Bank Platform which offers multi-tenanted, multi-sector cash management in a single solution. The platform launched in 2015 has been designed to enable banks to rapidly on board corporate clients to a wide range of industry specific cash management solutions that provide productivity gains and increased precision in high volume Receivables Management, Cash Flow Forecasting and Client Money Management.
Commenting on the company’s growth Richard Cummings, CEO, stated “Cashfac’s success is a direct result of the strong partnerships we’re able to build with our bank partners and the innovation we deliver in helping them build stronger, mutually beneficial relationships with their corporate client base. Cashfac is building a reputation as the “go-to” technology provider for banks seeking to offer their clients functionally rich services like Receivables Management or In-House Bank applications. In a highly competitive era, and with greater competition looming for payments and banking services, we help our bank partners differentiate themselves, drive transaction revenues and secure new deposits.”
In 2015 Cashfac expanded its product innovation and development capacity. In addition to the launch of the new bank platform the company also announced Cashfac Analytics, a real-time data analysis and reporting module that dramatically accelerates the process of analysing, understanding and navigating the data related to specific cash management operations while simplifying reporting so banks and their corporate customers have greater insight to improve operational performance.
Paul Ormrod, Founder and Executive Vice Chairman commented: “I am particularly pleased with the results and momentum established in 2015. No other fintech firm brings the same level of focus and innovation to operational cash management. We are stepping up our commitment to helping our bank partners innovate and deliver greater value to their corporate and business banking clients. 2016 will see more Cashfac innovations to help banks respond to increasingly disruptive technologies in the banking space.”