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

Receivable and Payable Management

Scenario 1

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

Scenario 2

Remitter List

Scenario 3

Features Supported In Application

• Overview
• Virtual Entity
• Virtual Account
• Virtual Account Structure
• Remitter List
• Virtual Multi-Currency Account
• Payments Using Virtual Accounts
• Move Money
• Virtual Account Statement