LV= has deployed a new cash management solution from Cashfac for trustees administering Self Invested Personal Pensions (SIPPs).

The new system is set to drive greater efficiencies and simplification across LV=’s client money operations through the migration of over 41,000 bank accounts to six real accounts and thousands of client managed, virtual accounts.

Cashfac noted that the transformation would 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.

Alastair McGill, managing director, global business, Cashfac, said: “By automating daily reconciliations, transactions and 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.”

Andy Young, head of finance, LV=, added: “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.”

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