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Corporates have always sought to grasp greater operational control over their cash, their banking relationships and the banking services that they consume. Virtual Account Management (VAM) has historically been one mechanism that firms have used to do that. While Virtual Accounts were often technologically static and inflexible they have enabled corporates to operate internal and self-managed banking structures, albeit, in a limited fashion.
Virtual Account Management (VAM) platforms allow corporates to manage their virtual cash management operations more efficiently by providing a single view of their cash and liquidity management, payments and receivables management, in-house banking and client money management, thus allowing for the reduction of costs and manual processes. With a VAM solution, corporates gain a single view of pooled bank accounts that have been virtualised into thousands of bank-active virtual accounts. They are a fully bank active, automated self-service solution made available either on-premise or in the cloud allowing banks to improve and streamline their customer journeys to suit their corporate customer’s requirements.
Today, Virtual Accounts have been surpassed by Cashfac’s broader, more complete Virtual Bank Technology™ platform which harness advances in workflow integration, matching, analytics and real-time reporting with functionally rich Virtual Accounts to provide greater flexibility, customer self-service and a suite of integrated cash management applications.
Cashfac’s Virtual Account Management (VAM) solution, Virtual Bank Technology (VBT), delivers the most powerful virtual bank account solution available. It is fully bank-active and has flexible account types and hierarchies. It is also possible to carry out automated allocations and reconciliations of transactions. The solution is connected to Corporate client’s ERP systems and is capable of segregating and managing actual and expected payments and remittances, thereby delivering detailed cash flow forecasting. As a result of tools that allow sweeping, pooling, interest rate and credit limit management along with the ability to tailor statement production, it delivers unparalleled functionality.
The solution allows a single bank account to be virtualised into thousands of bank-active virtual bank accounts. When a payment is made against a virtual account, the solution automatically creates a bank instruction that is immediately reflected on the virtual and real bank accounts. The process is instant and 100% accurate making the task of re-keying data obsolete. It is also continuously reconciled to ensure transaction integrity.
Cashfac’s virtual account management solution, VBT, supports target balancing. This includes taking into consideration the value of transactions in the pipeline and proactively eliminates redundant bank balances. Operations staff have more data, greater visibility of transactions and balances, therefore the complexity of managing multi-account infrastructures is eliminated.
Cashfac accelerates integration with both bank systems and client side systems (ERP) with pre-packaged Bank Drivers, Cashfac’s APIs and mapping technology, for an easy to use intuitive ETL tool. This reduces the integration burden with new banks or client side systems.
For Corporate or Business Banking clients, Cashfac places control of their bank accounts in their hands. Flexible account structures allow segmentation of the business more precisely and allows them to gain greater transparency and control over cash.
Simplification: a single view and a single platform for any number of accounts linked to multiple banks.
Compliance: Cashfac’s virtual account management solution identifies and protects client monies by segregating client funds into dedicated client accounts.
Speed: instant creation of multiple bank accounts so that client onboarding limitations are removed and payments can be managed immediately.
Scale: it is quickly scalable to meet the changing needs of corporations, enabling them to improve how they manage client money.
Audit: continuous reconciled views of client cash and internal ledgers to demonstrate necessary segregation of client money and clear records of all transactions to support all associated audit and reporting requirements.
Client Friendly: Cashfac Virtual Accounts provides corporations with a portal to see their own accounts. This reduces internal administration and creating transparency across the entire cash management process.
For more information on our Virtual Account Management Solution, download a complimentary copy of our Virtual Account Management Solutions Brochure or contact the team to discuss your requirements or request a demonstration.