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Virtual account management (VAM)

The next generation virtual accounts for real-time cash and liquidity management

A platform for innovative transaction banking services

Virtual accounts are no longer just means for streamlining incoming transactions. Against the transformational backdrop of real-time payments and open banking, virtual account management (VAM) is emerging as a platform for comprehensive, enhanced real-time liquidity management services. Corporations have been expanding their use of virtual accounts, not only looking for account rationalisation purposes but also to support complex operations such as managing multi-currency liquidity, intercompany funding, and interest and margins.

VAM is designed as a virtual system overlay, that can be implemented on top of current core platforms of a bank with minimal impact to the existing infrastructure. Interfacing over APIs allow extensive integration with internal and external data sources. Moreover, VAM covers several business propositions within one platform, which empowers a bank to extend its service offering over time.

Petri Syvänne

Head of Global Sales, Payment Solutions

A flexible sub-ledger of virtual accounts allows corporations to reduce the number of real bank accounts and the associated maintenance cost

Optimised account structures

A flexible sub-ledger of virtual accounts allows corporations to reduce the number of real bank accounts and the associated maintenance cost

Bank customers can rapidly open, close and administer virtual accounts themselves, creating account hierarchies in line with their business operations

Customer self-servicing

Bank customers can rapidly open, close and administer virtual accounts themselves, creating account hierarchies in line with their business operations

Customisable dashboards and views, external widgets, alerts, single log-in, all contribute to easy and intuitive use of the system and enable on the go decision making

State-of-the-art UI

Customisable dashboards and views, external widgets, alerts, single log-in, all contribute to easy and intuitive use of the system and enable on the go decision making

Key business propositions

Automated receivables

Solves reconciliation challenges by taking manual work out of matching remittance information with invoices. While money is received into a single physical account, incoming funds are also automatically allocated to individual virtual accounts or sub-ledgers. The solution promotes higher rates of straight-through reconciliation, reduced levels of ledger inaccuracies, improved visibility of payment data and enhanced decision making.

Client Money Management

Ensures segregation of client funds at the lower level of virtual account hierarchy, which is an essential need for various private and public sector players like asset managers, pension funds, insurance providers and real estate agents. The solution delivers real-time visibility and operational control of client funds, it also smooths transaction allocations and interest apportionment at the underlying client level.

Virtual Cash Management

Allows companies of different sizes to adopt an agile treasury management model leading to centralisation, cost efficiencies and risk reduction. Building on flexible virtual account hierarchy, the solution delivers full overview of payments and liquidity positions in real-time. Functionality includes POBO and ROBO capabilities, inter-company interest calculation, automated money transfers, enhanced reporting to ERP and much more.

Virtual Branch

Provides customers of a bank with the access to local payment infrastructure in a foreign country for transaction handling (both payables and receivables) without requiring a real account. The solution extends global reach of a bank by opening virtual branches via the member banks of its own banking group or in association with partner banks.

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