Leading provider of self-invested pension products integrates Cashfac’s flagship solution to drive process automation and increase productivity

A leading provider of self-invested pension products (SIPPs) – has doubled customer growth of their business operations by integrating Cashfac’s flagship virtual accounts solution with its existing core systems.

The provider - with billions of assets under administration which services thousands of clients – has driven process automation and increased productivity across all aspects of its cash management operations by integrating Cashfac Virtual Bank Technology (VBT) in to the heart of its operations.  

Self-Service Banking with Virtual Accounts

The company decided to run a scalable business transformation programme to help drive business growth and reduce their reliance on manual processes such as account opening/closure, payment processing and reconciliation.

Cashfac was selected to implement a self-service banking model using virtual accounts. Doing so replaced thousands of individual bank accounts with one pooled bank account. Key customer journeys became automated using a rules-based approach to transaction processing, with double entry book-keeping for accounting control.  

Improving Customers’ User Journeys

In addition to automating customer journeys, the company wanted to improve the user experience across their administration teams. This was achieved by integrating Cashfac with their primary business systems. This meant all transactions and account opening instructions from their existing system were passed automatically to Cashfac for real time processing and routing to their bank for settlement.

The expected contributions are now automatically allocated at client level when received, with data being passed to their primary system each morning for bulk mark-up to speed up the reconciliation process.

In addition, centralising liquidity within one bank account has enabled the company to easily implement a Treasury Management Solution (TMS), to diversify client monies across a number of banks.

Preparing for What’s Next 

New industry developments such as Request to Pay (RtP), virtual IBANS and Open Banking through PSD2 bring additional opportunities for automation and enhanced customer service. The virtual account banking model accounts will allow the company to evaluate and more flexibly adopt new industry practises within their operational framework.