Case Study: LV= streamlines 40,000 accounts and cuts costs with Cashfac

In one night £140 million of funds were moved from 40,000 real accounts to the new virtual account structure with no issues

LV=, a leading provider of insurance, savings, and retirement plans, faced a significant administrative challenge in managing 40,000 real client bank accounts. This cumbersome process was becoming difficult to manage for both their internal team and their bank. To become more agile and bank-agnostic, they sought a virtual account infrastructure solution to reduce this burden, leading them to partner with vendor Cashfac.

Cashfac implemented its hosted, managed service solution, which consolidated the 40,000 real accounts down to just six real accounts with thousands of virtual client accounts. The migration of £140 million was completed in a single night without any issues. This solution provided substantial cost savings that paid for itself within the first year, drastically reduced reconciliation times, and freed up internal IT and administrative resources for other tasks.

LV=

Andy Young

Head of Finance