LV= Goes Live with Cashfac
Cashfac’s Cash Management Solution deployed to drive efficiencies and deliver enhanced client services for the LV= SIPP Business
Cashfac Technologies, the market leader in Bank-to-Corporate Cash Management solutions, today announced that LV=, a leading provider of Insurance, Savings, Investments & Retirement plans, has gone live with Cashfac’s cash management solution for trustees administering Self Invested Personal Pensions (SIPP).
Cashfac’s solution will drive greater efficiencies and simplification across LV=’s client money operations through the migration of over 41,000 bank accounts to 6 real accounts and thousands of client managed, virtual accounts. This transformation will provide a more customer centric view of client monies and fully automate the client money lifecycle; from the creation and management of client accounts through to the governance of client money across all SIPP plans.
LV= wanted a solution that would reduce the administrative burden of setting up and managing large numbers of bank accounts and client accounts through a cost effective virtual account infrastructure. Cashfac was able to provide this solution to LV= which enabled greater treasury control through aggregating client monies under a single pooled account with automated sweeping and transaction processing. The solution is being provided as a hosted, managed service which has helped accelerate deployment and reduced LV=’s internal administration, freeing their IT resources from time consuming processes.
Andy Young, Head of Finance, LV=, said: “Having reviewed various options we decided to deploy Cashfac; the software is functionally rich and enables us to substantially reduce our processes and processing time, which is key with the increased business volumes we are experiencing. The team at Cashfac have risen to the challenges we’ve put before them and have been innovative in providing effective solutions to meet our needs.”
Alastair McGill, Managing Director, Global Business, Cashfac, said: “LV=’s use of Cashfac is a great demonstration of the way in which we help provide greater flexibility to banking, treasury & finance operations; enhancing transparency and control over operational cash. By automating daily reconciliations, transactions, interest accrual as well as executing payments and receipts Cashfac will enable a single, real time view of cash flows across all trustee and contribution plan bank accounts. This is critically important for a business such as LV= whose SIPP business is growing and needs operations to scale quickly.”