Contact
Steve Hughes
Sales Director
t: +44 (0)7731 688 679
Cumulus payments enables anyone looking after other peoples’ money to provide a more sophisticated and secure service through consolidating the money at the bank and using accounts opened in each of the clients names. The client accounts track money coming into and out of the account and moves the money only when it has passed through the anti money laundering processes. Compliance is such an important area today and the built-in procedures keep client money separate and ensure ongoing know your customers regulations are meet.
Cumulus payments is easy to install and is priced based on usage and benefits the following.
Client Money Managers:
Receive improved reconciliation of funds, knowledge of funds being moved, less administration – clients can access their own accounts electronically, improved deposit interest from the banks (the higher the concentration of amount the greater the interest rate given) and fully compliant.
In addition fees can be automatically transferred from the client accounts to the in-house account based on the invoicing and billing arrangements.
Clients of Money Managers
Can view their accounts and request changes to their Client Money Manager.
Banks
Can attract Client Money Managers with less accounts needed from the Core Banking systems. Any client with more than 5 bank accounts can use Cumulus payments and reduce the number of accounts to 2. That is a solicitor with 100 client accounts can reduce the number of bank accounts down to 2. One of the two accounts is the operating account. This reduction of accounts at the bank enables the bank to be more efficient. The 2 accounts also hold more money and historically these deposits do not leave the bank.
Compliance
Includes Know Your Customer and Alert Management System which meets the 3rd EU Directive on Anti Money Laundering requirements.
Cumulus payments also comes with C-Pay.
C-Pay provides full information and payment instructions to the bank and the supplier at the same time.
C-Pay sends the payment with full information to the bank for payment and at the same time copies the full payment instructions to the beneficiary account. The beneficiary, usually a supplier, can see the time and type of payment amounts authorized for the bank to make. The bank upon transferring the money will send its normal amount of information. The information is often cut short as many of the banking systems in the payment flow hold little additional information. Upon receipt of funds, the supplier can reconcile with C-Pay to ensure all monies have been received.
C-Pay is inclusive in Cumulus payments.
