US-based Sanchez Computer Associates has launched Sanchez CMAx, an outsourced cash management account (CMA) solution that allows brokerage firms to offer multi-channel banking services without having to secure a bank charter.
The solution is provided on a 'white label' basis through the vendor's outsourcing services division, Sanchez Data Systems Inc (SDSI), and is managed from its data processing and operations centre in Pennsylvania. SDSI enables non-bank institutions to offer banking and cash management services under a third-party's existing bank charter.
CMAx allows customers to consolidate their investments with their day-to-day cash flows, and enables brokerage firms to offer multi-channel banking and securities services including savings accounts, ATM cash access, direct deposit and investment products.
Eric Panepinto, president, Sanchez Data Systems, says: "By utilising an outsourced approach, brokerage firms can quickly and easily offer a full array of enhanced banking services, including cash management accounts, without the lengthy and laborious process of securing a bank charter."