The product name of CashFac’s cash management system is CashFac Virtual Bank Technology™ (VBT). CashFac VBT provides banks, financial services institutions, corporates and public sector organisations with an advanced cash management solution that establishes consistent and centrally monitored processes across payments, collections and balances. It handles very high volumes of collections and manages large deposits.

CashFac solutions act as an automated bridge between the systems used by a business and the internal processes of banks, simplifying cash management and significantly reducing administrative time and cost. It uses a customisable workflow to deliver a straight-through process (STP) that strips out, often largely manual, clerical activity. As a result, CashFac VBT also eliminates compliance risks and service level agreement risks that are inherent in complex cash and client money management.

CashFac VBT gives organisations real-time understanding and control of complex settlement and funding techniques by using straight-through processing to speed recognition, reconciliation and settlement. CashFac VBT is able to keep a payment connected to its original detail through multiple banks. Money that is paid and received within and between organisations, including aggregation of hundreds and thousands of sub payments, is automatically recognised and allocated.

CashFac uses the term virtual bank accounts to help define how CashFac VBT operates. Virtual bank accounts function in real-time and it is bank connected. Like a normal bank account, the virtual bank account can make payments and receive money. Unlike a normal bank account, the virtual bank account can be opened automatically by the user, in real time and in high volumes.

To meet a broad range of customer needs and budgets, CashFac VBT is available on client-server platforms and hosted service platforms. CashFac solutions are fully multi currency and multi territory.

CashFac VBT is perhaps best thought of as a cash management toolkit. Its workflow, straight-through processing and connectivity allows organisations to quickly and easily build their own cash management solution to address their unique situation and wider environment.

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