Choosing a new vendor can be stressful. 

Balancing current and future needs is difficult. 

What are some of the concerns we’ve heard from banks selecting escrow, business, and commercial banking self-service virtual account solutions?  

• Strategic vs. tactical: Am I buying for the future? Will my vendor be able to meet my current and future needs?
• Experience: Has the vendor done it before? Do they have a long track record of successfully helping banks grow their escrow and commercial businesses?
• Risk: Can the vendor prove that the project will run smoothly without cost overruns? Can they provide an independent reference to prove this?
• Control and compliance: Does the vendor put control and compliance at the core of their product? Is there a risk they will create control issues for the bank and customers? How many audits have they passed? 
• Functionality: Does the vendor have a track record of working directly with non-banking clients? Who designed the product? Do they have a track record of product investment?
• Vendor relationship: What will I learn from the vendor? What will they contribute to the success of our business growth? What will I learn from their experience working with banks in our sector and in other countries? 

So, what sets us apart from alternatives on the market?  

We’ve highlighted four key differentiators that make our solution unique and the top choice for banks. 

1. Experience with banks and non-bank corporations

Compared to other solutions, we have experience working with both banks and non-bank corporations. As a result, we have a thorough understanding of banks and corporate clients. Additionally, our team includes subject-matter-experts (SMEs) who have worked in the corporate sectors we serve, such as banks, pensions, wealth management, and property management.  

Our experience has enabled us to provide a solution that will benefit your bank and your end-client. We offer industry-specific configurations guided by our expertise that provide a tailored user experience for your clients, resulting in stronger client relationships and a more competitive offering. 

 2. Our approach: a partnership model

We believe in establishing a partnership with our customers. We will work with your team to implement our platform and will continue to work with you to take the solution to market and win new business.  

Taking a proactive approach to account management, we conduct formal research with clients to measure how effectively the platform operates against agreed-upon SLAs with our customers. Our Managed Service team is available 24/7 and is the single point of contact for all operational support issues, efficiently resolving service requests and executing operational tasks, upgrades, and releases.  

We are committed to continuous service improvements through research and development and regular service reviews. Cashfac annually invests 20% of revenue back into the product to ensure evolving market needs are incorporated into the product offering.  

3. Embedded payment control 

Our platform offers continuous, real-time reconciliation, where all cash movements to and from the master account are subject to automated double-entry through the control account.  

Meaning that ‘cash at bank’ is continuously reconciled to what is held at Cashfac.  

Our platform provides a single place for all cash operations to maximize control and visibility, resulting in more efficient and reliable cash management operations.  

4. Proven to successfully execute bank strategies

For over 30 years, we have worked with UK, APAC, and US banks to successfully design, implement, and evolve their self-service virtual account propositions. 

Through our partnership with our customers, we strategically help banks grow their businesses over time, retain and gain new clients, and add new sectors to support growth strategies.
 

In the current landscape, choosing the right partner is crucial for staying ahead of competitors. By choosing our platform, you’re not just investing in technology but in a partnership with industry experience, a customer-centric approach, embedded payment control, and a proven track record of success. 

Get in touch to learn more about our solution and how it will benefit your bank and your clients.