A Virtual Accounts Management (VAM) platform is a solution to reduce the complexity of cash management by corporates. Virtual accounts help the large corporates by reducing the number
of real accounts needed & the associated costs, provides ease of reconciliation and gives better collection, visibility and deployment of money. Using this function, a corporate can create,
manage and monitor Virtual accounts and get benefits like self-service channel, a dashboard view to account information in addition to transfers and payments.
Elements of 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
- Virtual Identifiers – Short Identifier/ Corporate Identifier based virtual accounts