09 July 2020
Stockholm, Sweden – SEB will launch a new virtual account management solution in partnership with Nordic software company TietoEVRY. With the new service, the bank can offer its corporate customers virtual cash management services.
The new service will support multinational corporate customers of SEB that need a fast and reliable way to centralize collection of payments and rationalize bank account structure. By centralizing collection of receivables, corporate treasurers will get better visibility of the liquidity position and with a highly-automated reconciliation process, the COBO (collections on behalf of) structure will provide faster access to cash.
In many large organizations, handling customer payments is still a decentralized and time-consuming process. Virtual account management automates the manual task with a simple self-service solution. The increased cash visibility together with faster reconciliation of receivables allows treasurers to manage and utilize working capital more efficiently on a group-level. The aggregated cash of the entire organization can be put to other uses such as covering short-term financing needs.
The launch of the new service forms part of SEB’s wider plans to invest in cash management services. Virtual cash management is an important part of this journey to improve customer experience and offer new and innovative value propositions.
“We are looking forward to this journey together with Tietoevry. Virtual Accounts is a really good complement to our existing offering and it will be a great contribution as we move beyond traditional cash management products. As well as strengthening our offering in terms of flexibility and self-service, we will be able to address our clients’ needs in a more efficient way,” says Tommy Adriansson, Head of product area Liquidity at SEB.
Ilkka Korkiakoski, Head of Payments, Tietoevry said: “Together with SEB we envision a partnership where we actively collaborate to launch new and innovative business propositions using our market-leading solution. We are excited to continue working together to further extend the virtual account management platform and to bring more value to their corporate customer segment.”
For additional information, please contact:
Tietoevry Newsdesk, +358 40 570 4072, news@tietoevry.com
SEB’s media relations, +46 8 763 9110, press@seb.se
Tietoevry creates digital advantage for businesses and society. We are a leading digital services and software company with local presence and global capabilities. Our Nordic values and heritage steer our success.Headquartered in Finland, Tietoevry employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. Tietoevry’s annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs. www.tietoevry.com
SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On March 31, 2020, the Group's total assets amounted to SEK 3,286 billion while its assets under management totalled SEK 1,758 billion. The Group has around 15,000 employees.
Read more about SEB at https://www.sebgroup.com.