Choosing a new vendor requires a holistic approach to balance current and future needs.

What should banks look for in a partner?

We understand the concerns and challenges banks face when selecting a virtual account solution partner.

• 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 partnering with banks to grow their escrow and commercial businesses?
• Risk: Can they 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: Do they have a track record of partnering directly with non-banking clients? Who designed the product? Do they have a track record of product investment?
• Partner relationship: What will I learn from them as a partner? 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 Cashfac apart from alternatives on the market?

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

1. Built for long-term success

One of our core differentiators is our ability to provide banks with a solution that meets immediate needs while also accommodating future growth plans and sector expansion. Our platform is scalable and flexible, ensuring banks can transition into new markets and sectors without needing to invest in additional solutions. 

With our platform, banks can avoid the challenges of managing multiple systems and rely on a single platform that can be configured to meet their needs as they expand their services.

2. 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.

 3. 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.

4. 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 on the Cashfac platform.

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

5. 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.

6. Subaccount payment initiation

Our platform allows users to initiate payments directly from subaccounts, enabling seamless transfers of funds between subaccounts and the master account. This functionality helps banks and their clients manage cash more effectively. Payment initiation is completely delivered by mature Cashfac integrated functionality; we do not rely on third parties for payment initiation.

7. Automated allocation of client deposits and receipts

During implementation, we configure rules that enable automatic allocation and reconciliation of incoming payments based on customer-defined criteria. This process includes the automatic allocation of payments received to subaccounts, ensuring funds are allocated quickly and accurately. This automation saves time for banks and their customers by reducing manual processes and improving efficiency. By streamlining these tasks, our platform allows banks to focus on strategic initiatives rather than administrative ones. 

8. User entitlements

Our platform includes permission settings, allowing banks to control access at both a user and function level. This ensures that only authorized personnel can perform specific tasks, enhancing control and compliance. This flexibility in granting access provides for greater oversight and security, tailored to the specific needs of the bank and their customers.  

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 platform of growth, a partnership with industry experience with a customer-centric approach, enhanced functionality, 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.