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. The clients of the auction platform can open accounts online, which Cashfac integrates with to create virtual accounts at the member level. Members can pre-fund these accounts, which are reflected on the Cashfac platform through automated allocation routines from the real bank account. Agreed transactions can be automatically settled by the Cashfac solution from the real bank account and reflected on the member virtual accounts. Members can view their accounts in real time and via statements through the Cashfac UI. Recurring and ad hoc fees and commissions can be automated or made manually through the solution. Automated reconciliations ensure member accounts align to the real bank account, with audit and control reports being provided to cash control teams.