Cashfac Wins TMI Editor’s Award For Innovation

Cashfac Technologies, a global leader in Cash Management solutions, today announced that it has been selected as the winner of the coveted Corporate Recognition Award for Innovation & Excellence at the Treasury Management Awards 2014. The awards are a widely respected industry awards program to recognise firms that have demonstrated, leadership, innovation and excellence in selected areas of treasury management.

An ageing population has become a key issue for the UK government in recent years and concern has grown over the resource that will be required to care for the elderly and vulnerable.  The Corporate Recognition Award for Innovation & Excellence reflects the success of Cashfac in providing cloud based services to help local authorities, solicitors, and carers to better manage money for the vulnerable and disadvantaged.

Prior to the availability of Cashfac Care Accounts the process for managing the finances of vulnerable people was costly to operate, time consuming and prone to human error. The solution however has enabled Local Authorities to dramatically improve efficiencies, reduce the risk of fraud and ensure real time visibility of the financial affairs of the vulnerable people it is responsible for. Additionally, councils also have a secure environment to manage funds as well as automatic accounting and reporting as required by the Office of the Public Guardian (OPG).

Alastair McGill, Managing Director, Global Business, Cashfac, said: “Cashfac is best known as a leading provider of cash management solutions to banks and major corporations rather than for the work we do to serve local authorities, solicitors, and carers to help them better manage money for the vulnerable and disadvantaged.  So it’s fantastic to receive recognition for this side of our business. We’re extremely proud to receive this accolade from the industry for the work we and our Banking Partners are doing to provide secure, transparent and compliant cash management services for the communities that rely on our Care Accounts solution.”

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