Straight Through Cash Processing® for Pension Administrators

Pension contribution processing is a complex and increasingly regulated industry that often remains restrained by manual and cumbersome procedures. CashFac provides solutions to pension administrators that not only improves their internal operations, but extends to the employers through A2Pay® and fund managers with A2Receive to provide straight through cash processing®.

CashFac Virtual Bank Technology® (VBT), is the market-leading cash management and banking technology solution for the pension administration industry. CashFac VBT connects to any pension administration and accounting systems and any bank to automate and streamline all banking and client cash management processes using a mix of real bank accounts and virtual accounts in any currency.

The leading pension administrators chose CashFac VBT because it:

Reduces risk

The Straight through cash processing© of CashFac VBT eliminates the duplication of entries and the errors this frequently creates. Visibility and transparency of all cash and banking activities enables the administrators and the accountants to monitor scheme funds, ensure efficient management of the scheme and report to trustees. Implementing one secure and controlled process for all cash and banking activities ensures efficiency.

Enables faster investment

A unique feature of CashFac VBT that customers value is the Predictive Reconciliation®, which provides early visibility of cash movements enabling administrators to make fast investment and funding decisions.

Lowers costs

Straight through processing cuts out duplication of entry and avoids user error, thus saving a great deal of time. The simultaneous payment and accounting on on screen provides daily bank reconciled cash book accounting.

Improves customer service

Faster investment of funds and accurate and timely information ensures a better service for customers.

Increases revenue

Administrators can achieve wholesale interest rates from their bank and pass on attractive interest rates to their customers.

Scales for future growth

Once implemented, CashFac VBT enables fast business growth through use of the automation and rules driven technology.

Features

CashFac VBT provides pension administrators with the following capabilities:

• Secure, distributed and tailored user access to scheme bank accounts and cash analysis across multiple locations
• Automates payments including BACS, CHAPS, SWIFT, Inter account transfers, Cheques
• Simultaneous payment and cash analysis in multiple currencies
• Consistent control of all cash management regardless of bank
• Automatic daily bank account reconciliation
• Interest module for tailored client interest
• Online audit trail for all transactions and events
• Tailored reporting based on business criteria
• Links to Accounting & Admin Systems for straight through processing and automatic accounting
• Enables compliance with SORP, FSA and The Pensions Regulator
• Automatic Transaction Matching and Allocation (ATMA) suggests matches for receipts that lack reference data for automated matching

Accessibility

CashFac VBT can be installed in your office or CashFac can host the service and you can access it via a secure internet browser.

The browser user interface can be rapidly modified for changes to business rules to deliver tailored solutions to fit specific operational practices. Finer control of cash management, banking and accounting events allows pension administrators to further streamline and automate their business processes. Controlled access can also be extended to third parties such as staff, branches, trustees, administrators, treasury and accountants.

Secure

The system has been developed to meet the stringent requirements of the banking sector. It is secure, with multiple authorisation levels, strict access controls and a user-defined rule base. A comprehensive audit trail search is available which presents user identity, transaction status, full transaction details and accounting records.

Find out more

For further information and to arrange a demonstration of the service contact us by phone or email.

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