LV= Goes Live with Cashfac’s Cash Management Solution

Published 
  • Cashfac’s Cash Management Solution deployed to drive efficiencies and deliver enhanced client services for the LV= SIPP Business

LONDON – Cashfac Technologies, the market leader in Bank-to-Corporate Cash Management solutions, today announced that LV=, a leading provider of Insurance, Savings, Investments & Retirement plans, has gone live with Cashfac’s cash management solution for trustees administering Self Invested Personal Pensions (SIPP).

Cashfac’s solution will drive greater efficiencies and simplification across LV=’s client money operations through the migration of over 41,000 bank accounts to 6 real accounts and thousands of client managed, virtual accounts. This transformation will provide a more customer centric view of client monies and fully automate the client money lifecycle; from the creation and management of client accounts through to the governance of client money across all SIPP plans.

LV= wanted a solution that would reduce the administrative burden of setting up and managing large numbers of bank accounts and client accounts through a cost effective virtual account infrastructure. Cashfac was able to provide this solution to LV= which enabled greater treasury control through aggregating client monies under a single pooled account with automated sweeping and transaction processing. The solution is being provided as a hosted, managed service which has helped accelerate deployment and reduced LV=’s internal administration, freeing their IT resources from time consuming processes.

Andy Young, Head of Finance, LV=, said: “Having reviewed various options we decided to deploy Cashfac; the software is functionally rich and enables us to substantially reduce our processes and processing time, which is key with the increased business volumes we are experiencing. The team at Cashfac have risen to the challenges we’ve put before them and have been innovative in providing effective solutions to meet our needs.”

Alastair McGill, Managing Director, Global Business, Cashfac, said: “LV=’s use of Cashfac is a great demonstration of the way in which we help provide greater flexibility to banking, treasury & finance operations; enhancing transparency and control over operational cash. By automating daily reconciliations, transactions, interest accrual as well as executing payments and receipts Cashfac will enable a single, real time view of cash flows across all trustee and contribution plan bank accounts. This is critically important for a business such as LV= whose SIPP business is growing and needs operations to scale quickly.”

Most recent episodes

£15 Billion Stimulus Pumped into UK Economy to Ward Off Recession Fears

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th June...

04:44

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY's distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event, explain...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI's Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI's Editor, Eleanor Hill, to explore the very latest treasury trends - and to discuss how smart treasurers can get ahead of th...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI's Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25