International Financial Systems (i-Financial) has entered the Client Cash Management systems arena with the launch of a new software offering called Cumulus.
Cumulus enables organisations charged with the responsibility of managing client monies to do so by retaining a single pooled account at one or more banks of their choice and giving their customers immediate access to funds held on their behalf via the Internet. Cumulus is designed to gain access to substantial deposit balances from a variety of business communities and provide an efficient, cost effective Client Cash Management solution.
Following the principle of Banking as a Service, an organisation's customers are given full Internet access to their accounts so that they remain up to date with what's happening. Furthermore, they can initiate secure payments either over the SWIFT network of through the local clearing system. From an organisation's perspective straight through processing of payments can be achieved with full control over available funds ensuring that money can never be paid away that the customer does not have.
Terry Day, CEO of i-Financial, said, "This is an extremely exciting time for us. Cumulus has evolved from our knowledge of core banking so it has all the advantages of being written and supported by proven software developers with extensive experience of the financial industry, and its regulations. We believe Cumulus will be of great interest to the banking community as well as to a wide range of customers with various degrees of Client Cash management responsibilities. Our choice of name reflects our belief that it be run as a cloud application thus making it affordable to companies both large and small."