Q4 was a record revenue quarter for Cashfac which ended the year with a strong cash position and with recurring revenues from long term contracts exceeding 70% of all on-going operational outgoings including R&D.
Chief Executive, Paul Ormrod: “For us it was the first year that we paid a dividend to shareholders, and I am pleased that we ended 2013 with such a strong cash position. We continued our record of innovation and on-time delivery for our customers who all benefit from our continuing enhancement program. Cashfac Cloud was such an important development achieving 100% availability immediately and enabling us to launch our customers in less than half the time. We have more innovation for customers to come in 2014 including the first real time mobile dashboard for compliance in client money and cash management operations.”
Cashfac delivered on time and to budget a new real time cash management and settlement platform for the insurance industry. This innovative platform enables transaction off-setting by counterparties in a real time interaction, and net settlement in multiple currencies. Cashfac’s cash and client money management solution for the insurance industry is a Cashfac Cloud product. The platform enables compliance with CASS 5 client money regulations and meets the anticipated regulations flowing from the CP12/20 consultation paper.
One of the fastest growing types of user of Cashfac during the past year has been local government and private care services. The use is the operation of cash accounts for vulnerable people especially those suffering from dementia. Cashfac Care Accounts have been specially constructed to enable care workers and appointees to benefit from a sensitive level of automation and security over the assets and income including benefits of the vulnerable person.