INTRODUCTION

Virtual Accounts Management platform is a solution to reduce the complexity of money management for corporates. Virtual accounts help the large corporates to reduce the number of real accounts needed and its associated costs, provides ease of reconciliation and gives better collection, visibility and deployment of money.

Using this module, a corporate can create and manage multiple virtual entities, accounts and structures via self-service channel. User gets the benefit of an exclusive dashboard view of account information and an option to create virtual accounts structure to get better visibility of his cash positions.

Following features have been built for the corporate user in Virtual Account Management.

• Virtual Entities – Notional entities representing the real entities
• Virtual Accounts – Notional accounts that are either linked to a real account directly or via a virtual account structure
• Remitter ID List – Short Identifier/ Corporate Identifier based virtual accounts

Pre-Requisites

• User must be having a valid corporate account

Given below are different scenarios / use cases in which virtual account management plays a crucial role, minimizing the various overheads.

Scenario 1

Receivable and Payable Management

Scenario 2

Third PartyA party is any individual or business entity having a banking relationship with the bank. Fund Management

Scenario 3

Remitter List

Features Supported In Application

• Overview
• Virtual Entity
• Virtual Account
• Virtual Account Structure
• Remitter List
• Move Money