Cashfac: Fully automate your escrow accounts solution
With the significant value of escrow deposits in the US, it is increasingly important for these deposits to be segregated and managed efficiently in an environment that improves the customer experience.
A self-service environment for your bank’s customers
Cashfac – a leading global supplier of banking, escrow and trust account solutions – offer banks a white-labelled escrow accounts solution which plugs into the bank’s customer’s existing real bank account – master account.
Cashfac creates a self-service environment for the bank’s customers, which help them to:
- Increase efficiencies: Bank’s customer’s transactions become automatically allocated.
- Reduce effort: Payments are initiated directly from the escrow account (no duplication).
- Maintain compliance: The escrow accounts are maintained to conform to all regulations and are automatically reconciled to the bank’s master account.
- Improve integration: the customer’s self-service environment can be fully integrated to the customers back office/ERP system for complete straight through processing (STP).
Improve your bank’s service offering
With Cashfac’s escrow accounts solution, your bank’s customer can set up their clients’ escrow accounts and increase their STP allowing the escrow provider to focus on exception resolution. This reduces your bank’s and bank’s customers costs and risk exposure while allowing you to deliver an improved service offering which can:
- Offer tailored solutions to customer across different sectors.
- Support multiple vertical (sector) configurations within a single deployment.
- Meet the needs of your larger customers with more complex requirements.
- Help meet your customer’s regulatory reporting requirements.
- Fully reconcile the bank position from the pooled account to the escrow accounts.
Cashfac’s escrow accounts solution
Cashfac’s escrow account solution not only offers standard escrow accounts, it offers the functionality to organise accounts efficiently, automate their use, make them safely available to your end-client to facilitate self-service, have proper general ledger accounting records, and collect, account for, and distribute escrow fees and disbursements.
Download Cashfac’s free solution brochure for more information, including how to overcome more advanced and complex escrow challenges, and their answers to FAQs on areas including escrow account tasks, transaction allocation and settlements, dashboards and reporting, integration and compliance.
Click here to read the full brochure
