LV= Selects Cashfac for SIPP Business

Cashfac Technologies, a global leader in Cash Management solutions, today announced that LV=, a leading provider of Insurance, Retirement, Investment & Savings plans, has selected Cashfac’s cash management solution for trustees administering Self Invested Personal Pensions (SIPP). The solution will enable LV= to fully automate the lifecycle of client’s money; from the creation and management of client accounts through to the governance of client money across all SIPP plans.

Cashfac’s solutions reduce the administrative burden of setting up and managing large numbers of bank accounts and client accounts through a cost effective virtual account infrastructure, with the ability to accelerate the opening and activation of accounts to streamline the administrative process. The Cashfac solution provides bank independence and treasury control through aggregating client monies under a single pooled account and automated sweep transaction processing. The solution is being provided as a hosted, managed services that accelerates deployment and reduces LV=’s internal administration and frees IT resources from time consuming processes.

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 financial services  operations, enhance transparency across cash management operations and achieve compliance. 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.”