Santander Goes Live With Cashfac’s Corporate Cash Management & Client Money Solutions

Bank will offer Cashfac ‘powered’ services for Corporate and Commercial banking clients

Cashfac Technologies, a global leader in Cash Management solutions, today announced that Santander has gone live with its Corporate Cash Management & Client Money Solutions. Santander has white-labelled Cashfac’s technology to provide end-to-end cash management solutions via its Santander Connect online banking service for Corporate and Commercial clients. The Cashfac powered services will offer cash management solutions which serve insolvency practitioners, property managers, fund managers and investment companies.

Cashfac’s solutions provide a real time, granular approach for Corporates to better control cash across their enterprise. They fully automate the management and control of payments, receipts and reconciliations to reduce corporate institutions’ reliance on manual processes and provide real time visibility across the entire lifecycle of a payment. Where organisations are responsible for managing Client Money and complying with client money regulation Cashfac enables complete control over the entire client money lifecycle. All client money movements are identified, automatically segregated and allocated to provide unparalleled control and protection.

Joanne Sugden, Head of Transactional Banking & Liquidity, Corporate Banking at Santander, said: “We needed a cash management solution that could be deployed across a variety of market sectors and enable our corporate customers to manage high volumes of accounts and client payments, automate complex back office processes and ensure that their reporting operations adhere to the necessary audit and regulatory requirements. Cashfac’s client money solutions provide the capability for our corporate customers to manage their client funds more efficiently on a system which sits alongside the existing Santander banking platform.”

Alastair McGill, Managing Director, Global Business, Cashfac, said: “Santander has successfully grown its market share in recent years through technological innovation and a strong customer proposition. We are delighted to be part of that story and have Santander as a bank partner. The combination of the banks progressive approach to corporate cash management services and our own leading edge technology is an exciting combination”