The Rise of Virtual Account Management (VAM)
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:
- Why are Virtual Accounts rising up the transaction banking agenda?
- How can Virtual Account Management enable banks to meet corporates’ evolving needs?
Why are virtual accounts rising up the transaction banking agenda?
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.
How can Virtual Accounts enable banks to meet corporates’ evolving needs?
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[download title=” EBAday trending session on “Virtual Accounts and Cash Pooling” file=” https://cashfac.com/wp-content/uploads/2017/07/Cashfac-Trending-Session-Virtual-Accounts.pdf” id=”2872″] EBAday trending session on “Virtual Accounts and Cash Pooling[/download] 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:
- How VAM can provide a forward view of cash and liquidity
- Helping corporates achieve streamlined and centralised payments
- Customer productivity gains (and bank efficiency savings)
Virtual Accounts: Find Out More
For more information, we invite you to download a complimentary copy of our White Paper – [download title=”Virtual Accounts: Turning Adversity into Advantage” file=”https://cashfac.com/wp-content/uploads/2017/02/Virtual-Accounts-Turning-Adversity-into-Advantage-Cashfac-White-Paper.pdf” id=”2706″]Virtual Accounts: Turning Adversity into Advantage[/download].