Cashfac PLC

A Message from Lord Pickles and Lord Blunkett, followed by Cashfac PLC's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Cashfac PLC is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

www.cashfac.com

THE PARLIAMENTARY REVIEW
Highlighting best practice
THE PARLIAMENTARY REVIEW
Highlighting best practice
14 | CASHFAC PLC
Founder PaulOrmrod
Established in 1999 by Paul Ormrod, Cashfac is a payment
and open banking platform that helps people to manage
other people’s money flows as an automated extension of
their specialist and care services – independent of the banks and
with confidentiality, precision and end-to-end accountability.
Operating across the world, Cashfac’s team look at the future
of care services and the role of liquid wealth. Paul explains the
role the government has to play and discusses how they can
make the most of every single pound.
In the 1980s the Lee Kuan Yew government of Singapore emphasised the importance
of three-generation families where grandmothers live with grandchildren. He said “The
individual exists in the context of the extended family and wider society, and the government
cannot and should not take over the role of the family.” Singapore’s Housing Development
Board started building three-generation housing units in 2013. At less than one per cent of
the housing stock, does government believe that families must be left to take the initiative?
In the UK we might want to keep the jobs near to grandparents, but an economically
vibrant society demands mobility so that any government action, including tax incentives
that keep three generations of families together, is economically repressive.
My own extensive family of brothers and sisters became far flung with my parents living
in isolated luxury next to the Med. I had much time to mull over all this as I talked with
my mother in later years in her care home when she had dementia. There were distressing
moments, at times tender and she could be very amusing, her dry humour emerging
unpredictably. She was looked after so well by care staff – care for the elderly requires
patience, family, money and, if you can manage it, a sense of humour.
The natural focus of the fintech business that I founded includes the money side of
caring, not just in the UK. I always feel that Australia has a more natural and stronger
approach to community support, including a greater respect for the elderly. I pay more
for my poppy on Australia’s ANZAC day and I eat sometimes in dining rooms run by The
Royal Services League. The Netherlands is different again, a more integrated approach to
look after vulnerable people of all ages.
Around the world
At Cashfac we act as a payment services provider with customers in the UK, Ireland,
Australia, the Netherlands and New Zealand, connecting our virtual accounts into any
number of banking systems for vulnerable people. It’s an area where banking processes
around the transitional time for people on the edge of dementia are often distressing,
insecure and expensive.
In a wider, commercial context where we make a living, our inventive work for businesses
that need secure, transparent and efficient processes for the custody and transfer of
money enables us to provide a ready-made financial infrastructure for vulnerable citizens.
Businesses want our technology to create capacity to expand customer services; and so
Cashfac technology frees up care resources and empowers guardians.
AT A GLANCE
CASHFAC PLC
»Founder: PaulOrmrod
»Founded in 1999
»Located in London
»Services: Global provider of
back office operational cash
management software
»No. of employees: 78
Cashfac PLC
15CASHFAC PLC |
FINANCIAL SERVICES
Still, the cost and compliance challenge
of money-handling by bigger business,
and the frictions of funding for start-ups
and small businesses, remain our primary
focus: transaction flow technology used
across the world. Our new open banking
app for small business – Slide – and
care services nudges people towards
a different way of seeing their own
cash, helping them to self-manage how
they use it. Small businesses and care
services benefit from enhancements
in compliance, payment handling and
“four-eyes” control in big enterprise.
Taking care of carers
The fast-growing liquid wealth that
accumulates in advanced economies is
mainly owned by the greying population.
At Cashfac we believe that managing
other people’s money will be the enduring
growth sector in financial markets. The
providers in this market are not just fund
managers and pension providers; they
include care service providers.
As populations age, there are fewer people
to look after the ageing population and so
there is an increasing need for productivity-
orientated technologies. It is easy to
understand productivity in manufacturing
– we can picture automation in car
production, and in online retail. It becomes
more abstract in the service sector,
including the care industry where carers
look after a population in ever increasing
need of attention.
The price of payments is driven down
by innovation in payments, but the
administrative costs of processing those
payments – handling the receipt, managing
credit control, and the frictions in funding
– don’t follow the same downward
trajectory. Large outsourcing businesses
benefit from an economy of scale but the
frictions in handling money persist.
Slide rules
Smaller businesses, which together
generate 40 per cent of Britain’s GDP
and a high proportion of employment,
spend a far greater proportion
of business time and resources
on managing money and on the
administrative challenges around funding
than their larger counterparts.
In response to these issues, we have
recently launched the cashflow app, Slide
(see TheSlideApp on the App Store).
The app allows small businesses to look
through their bank account into their
financial future, and it nudges them to
manage their customers and suppliers with
a focus on cashflow. You can be a natural
entrepreneur but managing cashflow
requires a different skillset – and you won’t
find it appearing on
The Apprentice.
This is
not accounting: Slide starts with yesterday,
today and tomorrow.
Looked at as a whole, the service
economy must become more productive
to release resources for care services. If
big inflation is to return, it is more likely to
appear in the service sector than anywhere
else as the greying population buys more
of the available serviceresource.
Reducing resistance
We faced the strongest resistance to our
open banking inventions in the 1990s
and have found that the understanding of
what we do has developed in recent years.
Open banking legislation is a bigenabler.
Slide into the future
Slide is free, which will encourage its
adoption by smaller businesses and care
services across the world.
Engaging with the care industry has
allowed us to consider how best to
streamline the treatment of our ageing
population. Through reforming the
system, we believe we can make a
meaningful impact on people’s lives.
Cashfac work with
HeyDay Europe in
the Netherlands to
provide a dedicated
banking solution for
professional care
providers
At Cashfac we
believe that
managing
other people’s
money will be
the enduring
growth sector
in financial
markets
BEST PRACTICE SPONSOR 2020
THE PARLIAMENTARY REVIEW
Highlighting best practice
14 | CASHFAC PLC
Founder PaulOrmrod
Established in 1999 by Paul Ormrod, Cashfac is a payment
and open banking platform that helps people to manage
other people’s money flows as an automated extension of
their specialist and care services – independent of the banks and
with confidentiality, precision and end-to-end accountability.
Operating across the world, Cashfac’s team look at the future
of care services and the role of liquid wealth. Paul explains the
role the government has to play and discusses how they can
make the most of every single pound.
In the 1980s the Lee Kuan Yew government of Singapore emphasised the importance
of three-generation families where grandmothers live with grandchildren. He said “The
individual exists in the context of the extended family and wider society, and the government
cannot and should not take over the role of the family.” Singapore’s Housing Development
Board started building three-generation housing units in 2013. At less than one per cent of
the housing stock, does government believe that families must be left to take the initiative?
In the UK we might want to keep the jobs near to grandparents, but an economically
vibrant society demands mobility so that any government action, including tax incentives
that keep three generations of families together, is economically repressive.
My own extensive family of brothers and sisters became far flung with my parents living
in isolated luxury next to the Med. I had much time to mull over all this as I talked with
my mother in later years in her care home when she had dementia. There were distressing
moments, at times tender and she could be very amusing, her dry humour emerging
unpredictably. She was looked after so well by care staff – care for the elderly requires
patience, family, money and, if you can manage it, a sense of humour.
The natural focus of the fintech business that I founded includes the money side of
caring, not just in the UK. I always feel that Australia has a more natural and stronger
approach to community support, including a greater respect for the elderly. I pay more
for my poppy on Australia’s ANZAC day and I eat sometimes in dining rooms run by The
Royal Services League. The Netherlands is different again, a more integrated approach to
look after vulnerable people of all ages.
Around the world
At Cashfac we act as a payment services provider with customers in the UK, Ireland,
Australia, the Netherlands and New Zealand, connecting our virtual accounts into any
number of banking systems for vulnerable people. It’s an area where banking processes
around the transitional time for people on the edge of dementia are often distressing,
insecure and expensive.
In a wider, commercial context where we make a living, our inventive work for businesses
that need secure, transparent and efficient processes for the custody and transfer of
money enables us to provide a ready-made financial infrastructure for vulnerable citizens.
Businesses want our technology to create capacity to expand customer services; and so
Cashfac technology frees up care resources and empowers guardians.
AT A GLANCE
CASHFAC PLC
»Founder: PaulOrmrod
»Founded in 1999
»Located in London
»Services: Global provider of
back office operational cash
management software
»No. of employees: 78
Cashfac PLC
15CASHFAC PLC |
FINANCIAL SERVICES
Still, the cost and compliance challenge
of money-handling by bigger business,
and the frictions of funding for start-ups
and small businesses, remain our primary
focus: transaction flow technology used
across the world. Our new open banking
app for small business – SlideBy – and
care services nudges people towards
a different way of seeing their own
cash, helping them to self-manage how
they use it. Small businesses and care
services benefit from enhancements
in compliance, payment handling and
“four-eyes” control in big enterprise.
Taking care of carers
The fast-growing liquid wealth that
accumulates in advanced economies is
mainly owned by the greying population.
At Cashfac we believe that managing
other people’s money will be the enduring
growth sector in financial markets. The
providers in this market are not just fund
managers and pension providers; they
include care service providers.
As populations age, there are fewer people
to look after the ageing population and so
there is an increasing need for productivity-
orientated technologies. It is easy to
understand productivity in manufacturing
we can picture automation in car
production, and in online retail. It becomes
more abstract in the service sector,
including the care industry where carers
look after a population in ever increasing
need of attention.
The price of payments is driven down
by innovation in payments, but the
administrative costs of processing those
payments – handling the receipt, managing
credit control, and the frictions in funding
don’t follow the same downward
trajectory. Large outsourcing businesses
benefit from an economy of scale but the
frictions in handling money persist.
SlideBy rules
Smaller businesses, which together
generate 40 per cent of Britain’s GDP
and a high proportion of employment,
spend a far greater proportion
of business time and resources
on managing money and on the
administrative challenges around funding
than their larger counterparts.
In response to these issues, we have
recently launched the cashflow app, SlideBy
(see SlideBy on the App Store).
The app allows small businesses to look
through their bank account into their
financial future, and it nudges them to
manage their customers and suppliers with
a focus on cashflow. You can be a natural
entrepreneur but managing cashflow
requires a different skillset – and you won’t
find it appearing on
The Apprentice.
This is
not accounting: SlideBy starts with
yesterday, today and tomorrow.
Looked at as a whole, the service
economy must become more productive
to release resources for care services. If
big inflation is to return, it is more likely to
appear in the service sector than anywhere
else as the greying population buys more
of the available serviceresource.
Reducing resistance
We faced the strongest resistance to our
open banking inventions in the 1990s
and have found that the understanding of
what we do has developed in recent years.
Open banking legislation is a bigenabler.
SlideBy into the future
SlideBy is free, which will encourage its
adoption by smaller businesses and care
services across the world.
Engaging with the care industry has
allowed us to consider how best to
streamline the treatment of our ageing
population. Through reforming the
system, we believe we can make a
meaningful impact on people’s lives.
Cashfac work with
HeyDay Europe in
the Netherlands to
provide a dedicated
banking solution for
professional care
providers
At Cashfac we
believe that
managing
other people’s
money will be
the enduring
growth sector
in financial
markets

www.cashfac.com

This article was sponsored by Cashfac PLC. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Elizabeth Truss.

Rt Hon Elizabeth Truss's Foreword For The Parliamentary Review

By Rt Hon Elizabeth Truss

Even by the standards of the day –this has been one of the most exciting and unpredictable years in British politics.

The leadership election we’ve just seen marks a huge moment in our country’s history. This government is taking a decisive new direction, embracing the opportunities of Brexit and preparing our country to flourish outside the EU.

As international trade secretary, I’ll be driving forward work on the free trade agreements that are going to be a priority for the government. Free trade isn’t just an abstract concept bandied around by technocrats. It is crucial for a strong economy and for the ability of families to make ends meet. Free trade benefits people in every part of our country, as British firms export to new markets and people doing the weekly shop have access to a wider choice of goods at lower prices.

The essence of free trade is in the title: freedom. It’s about giving people the power to exchange their goods without heavy government taxation or interference. Commerce and free exchange are the engine room of prosperity and social mobility. I’m determined to tackle the forces who want to hold that back.

One of my priorities is agreeing an exciting new free trade deal with the US, building on the great relationship between our two countries and the Prime Minister and US President. But I’ll also be talking to other partners including New Zealand, Australia and fast-growing Asian markets.

And with the EU too, we want a friendly and constructive relationship, as constitutional equals, and as friends and partners in facing the challenges that lie ahead – a relationship based on a deep free trade agreement. Our country produces some of the world’s most successful exports, and the opportunity to bring these to the rest of the world should make us all excited about the future. It is this excitement, optimism and ambition which I believe will come to define this government.

For too long now, we have been told Britain isn’t big or important enough to survive outside the EU – that we have to accept a deal that reflects our reduced circumstances. I say that’s rubbish. With the right policies in place, we can be the most competitive, free-thinking, prosperous nation on Earth exporting to the world and leading in new developments like AI. To do that, we’ll give the brilliant next generation of entrepreneurs the tools they need to succeed. Since 2015, there has been a staggering 85 per cent rise in the number of businesses set up by 18 to 24 year olds – twice the level set up by the same age group in France and Germany. We’ll help them flourish by championing enterprise, cutting taxes and making regulation flexible and responsive to their needs.

As we do that, we’ll level up and unite all parts of the UK with great transport links, fibre broadband in every home and proper school funding, so everyone shares in our country’s success.

2019 has been the year of brewing economic and political revolution. 2020 will be the year when a revitalised Conservative government turbo charges the economy, boosts prospects for people across the country, and catapults Britain back to the forefront of the world stage.



Rt Hon Elizabeth Truss
Secretary of State for International Development