Cashfac’s revenues for the first half of 2012 increased 46% on last year with recurring revenue from long term contracts increasing 32%. Implementation revenues were up 55%. Profits were a record and cash more than doubled.
Cashfac is wholly funded by equity and retained earnings.
We helped two banks in the successful launch of their new virtual account services during this period and we launched the new high performing Series 4 of Cashfac Virtual Bank Technology®.
Paul Ormrod says “a good part of our success is our continuing enhancement program which has seen uninterrupted investment and a steady release of high quality product with new features for an increasingly complex and regulated market. We have been able to help our bank partners look after the customer base and bring in large scale deposit with attractive cash management product during the most difficult economic times”