Online Auctions
Cashfac provides a platform that allows members and subscribers to open their own accounts via self-service to trade and bid for services.
Clients of the online auction platform can open accounts online, which Cashfac integrates with to create member-level virtual accounts. Members can pre-fund these accounts, with balances automatically reflected on the Cashfac platform through allocation routines from the real bank account. Agreed transactions are settled automatically via Cashfac and reflected in members’ virtual accounts. Members can view their accounts in real time through the Cashfac UI and access statements. Recurring and ad hoc fees or commissions can be automated or processed manually. Automated reconciliations ensure member accounts align with the real bank account, while audit and control reports support cash control teams.
Online Auctions Benefits:
- A platform for growth with payments and receipts automated through end to end connectivity.
- Secure and reliable settlement process and matching of payments and receipts for both sides of the auction.
- Precise controlled ring-fencing of member and firm funds.
