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European Banks Embrace Virtual Accounts

date 05th June 2017

The level of interest in Virtual Accounts from the European banking community has gathered significant pace in the first half of 2017. Be it bank’s business customers demanding their banking experience matches their service from retail banking, or responding to regulatory pressures from regulations including Basel III and PSD2, European Banks are embracing virtual accounts as the de facto solution to meeting their business banking challenges, irrespective of their customer’s size or sector.

Earlier this year we co-hosted a Virtual Cash Management roundtable with Accenture in Amsterdam. This was attended by leaders from many of Europe’s leading banks. As concluded by Accenture’s Jeremy Light on his recent blog, the roundtable discussion concluded that European banks have an opportunity to use virtual accounts to develop more innovative transaction banking offerings. You can read his full blog here: Virtual cash management: A catalyst for new business models for European transaction banks.

We’re seeing the management of virtual accounts high on the agenda of many of the industry’s leading conferences across both the corporate and banking sectors. This was the case at the 2017 Association of Corporate Treasurers (ACT) Annual Conference in May, and indeed at this year’s EBADay, we co-hosted a focus trending session on “Virtual Accounts and Cash Pooling”.

For more information on Virtual Bank Accounts  – including explanations and visual representations of Virtual Accounts in action and the range of benefits they offer both banks and corporates, download a free copy of our White Paper –  Virtual Accounts: Turning Adversity into Advantage. Alternatively, call one of our team to find out how our solution is used in your industry.