For corporate banking operations, the ability to virtualize accounts represent a fundamental transformation in the service model to support cash management operations. Virtual account management (VAM) ensures:
As companies accelerate the digitization of their business operations, they will demand sophisticated digital solutions from their primary banks to enable them to manage their cash and treasury optimally. “Financial technology (fintech)-enabled newcomers are nibbling away at niche areas of traditional corporate bank revenue streams, from foreign exchange (FX) to payment services and cash management data provision. Banks must respond with better services and data to maintain market share.
The Finacle Virtual Accounts Management solution enables corporate customers to manage their global, multi-bank cash and liquidity positions with enhanced levels of visibility and controls. The solution is part of the Finacle Cash Management Solution Suite, a comprehensive suite of integrated cash management solutions, enabling corporate customers to easily identify, manage and optimize liquidity, on the go, across any channel of their choice.
Key solutions include:
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