Cashfac reported a resilient performance in the quarter to June 2013. Recurring revenues increased by 6.4%. Cash was slightly down after paying a first dividend during the quarter. Recurring revenues covered 84% of everything we paid for.
Cashfac’s spread of business – multiple Partner Banks and geographic spread – and its acknowledged quality of delivery, have created a robust business that has sustained an uninterrupted and increasing investment programme for 10 years, with major new corporate cash management product announcements every year.
We announced to the market during June 2013 the launch of Cashfac Cloud and the successful migration of our managed service customers to this new platform. This major project, involving the transfer of our customers’ live cash management operations from traditional data centres to globally available cloud platform was implemented without interruption in customers’ cash management operations.
Cashfac Cloud is a most important product announcement. It makes the latest Cashfac Virtual Bank Technology® available faster and at lower cost because it uses incremental computer power on existing computers that are networked, and because the software can be propagated at will. So Cashfac is now immediately available for the buyer. SunGard is Cashfac’s Cloud partner.
Cashfac Cloud is the output of the Continuing Enhancement Programme which is available to all Partner Banks. The advanced cash management and client money functionality enables Partner Banks to win business from the competition and to consolidate existing customer relationships. The development of Cashfac Cloud is an essential part of the return to Partner Banks and corporate customers.
Cashfac has also invested more in skilled resource and training to assist Partner Banks in selling their cash management products.