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One month on from EBAday 2017, the interest and questions we have received about Virtual Account Management (VAM) from the global banking community and their customers continues to grow. In this article we aim to answer two of the most-asked questions:
There are a number of reasons for the increased demand – ranging from bank’s business customers demanding an improved banking experience, to banks’ responses to regulations including Basel III and PSD2. This was a question asked to our Product Manager – Tim Martin – during a video interview: “Virtual accounts enable new business models” – we carried out alongside Accenture at EBAday. Tim’s answer explores corporates’ increasing demand for self-service capabilities – from opening and closing their own accounts to setting their own interest rates.
The video interview also asked for concrete examples of what banks can deliver to corporates using virtual accounts. Tim discusses how best-in-breed solutions have the flexibility and differentiation to offer banks a tailored solution to meet their different corporate customers operating in different sectors.
At the EBAday trending session on “Virtual Accounts and Cash Pooling which we co-hosted with HSBC, we explored the ways in which virtual accounts serve bank’s corporate customers. As our slides from the presentation – available here – identify, we explored how corporates’ evolving needs are met including:
For more information, we invite you to download a complimentary copy of our White Paper – Virtual Accounts: Turning Adversity into Advantage.