17 FAQs
1. Can I create multiple Virtual Entities?
Yes, you can create numerous Virtual Entities under a Real Entity. There is no upper limit to it.
2. Is it necessary to create a Virtual entity in order to create a Virtual Account?
Yes, for creating a Virtual Account, it is mandatory to first create a Virtual Entity & then create Virtual Accounts under it. You may choose to open a single or multiple Virtual Accounts under a single Virtual entity.
3. Can I create multiple Virtual Accounts in a single request?
Yes, you can create numerous Virtual accounts using Bulk file upload option. There is no upper limit to it. You may also create multiple Virtual Accounts via menu option; however, this is limited to one Virtual Account at a time.
4.Can I close a Virtual Entity or a Virtual Account even if there is any balance in it?
No, you cannot close a virtual Account if there is any balance in it. Similarly, you cannot close a Virtual Entity until all the linked Virtual accounts under it are zeroed and closed.
5. How do I create a Virtual Accounts Structure?
You need to first select a real account under which you want to create a structure. In the structure there will be a Virtual Account, which sits on the top as a Header Account under which you can start linking child accounts. You can create one structure at a time however there is no upper limit of adding child accounts to a parent account.
6. Can I create a Virtual Accounts Structure in different views?
Yes, you can create a Virtual Accounts Structure in tree view or in tabular view. You can also switch the view anytime during the creation to one way or the other.
7. Can I edit a Virtual Accounts Structure in different views?
No, you can only create, view & close a Virtual Accounts Structure in both table & tree format. Edit Structure in Tree view is currently not supported and can only be performed in Table view.
8. Will I be able to access Virtual Accounts structure on all the browsers?
No, virtual Accounts structure is not supported on any version of Internet Explorer.
9. How do I make Payments and Transfers?
You can make payments & funds transfers using Move Money option placed on Dashboard or via Menu option however, transfers can only be initiated from one Virtual Account to another Virtual Account belonging to a single real account.
10. Can I create multiple Remittance ID list in a single request?
Yes, you can create multiple Remittance ID’s in a single request by using Bulk file upload.
11. Can I use Virtual Account Management application from mobile?
- Tablet - Landscape view (All VAM transactions)
- Tablet - Portrait view (Refer section 18 Mobile Touch Point for list of enabled transactions)
- On Mobile view - (Refer section 18 Mobile Touch Point for list of enabled transactions)
12. Can I get an updated overview of my Top Virtual Account Balances & cash positions any time?
Yes, you can get the complete information and overall Virtual Accounts performances real time on Virtual Account Management Dashboard.
13. Can I customize my Dashboard and select the widgets I want?
Yes, you can pick the widgets for your Dashboard preferred as per your usage and create your own Dashboard.
14.Will I see the data of all the Virtual Accounts on Dashboard even If I have limited access to only few Accounts?
No, data, balances, Graphs, charts etc. of only those Virtual Accounts will be shown in the entire application for which you have access to. Access is provided basis Real Accounts and Virtual Accounts.
15. Is it mandatory to select Virtual Entity & Currency to view details in Balance Trends, Top 5 Virtual Accounts & Cash Positions widget?
Yes, data will be published based on your selection of Entity and currency. In case if no accounts are maintained in selected combination, then error message will be shown to you.
16. Can I create Virtual Multi-Currency Account using Real accounts I do not have access to?
No, you can create virtual multi-currency account by using only those single currency real accounts, which you have access to. Further, only those real accounts that have been identified for participating in Virtual Accounts Management can be used to create a Virtual multi-currency account.
17. Can I view the Balances of all the linked Real Accounts in a VMCA?
Yes. After Selecting a Virtual Multi-currency account from the drop down, “View Balance” link will appear. On click of it, a pop up is shown which will display the balance of each real account.
18. Is it mandatory to default a currency while creating Virtual Multi-Currency Account?
No, it is an optional field. You may choose to create a virtual multi-currency account without defaulting a currency.
19. Can I create multiple Virtual Multi-currency accounts using the same real accounts?
Yes, you can create Virtual Multi-currency accounts in such combination.
20. Are all the parties displayed in the party selection drop-down?
No, you can view and select only those parties where appropriate access has been provided.
21. Will I be able to view all the Virtual Accounts for the selected Virtual Entity on Statement screens?
No, the list of Virtual Accounts will be displayed based on the configured limit. If we select the Virtual Entity which contains more than the configured limit of Virtual Accounts, the error message will be displayed.
22. Can I customize PDF file downloads?
No, there cannot be any customization as the list of transactions comes directly from Oracle Banking Virtual Account Management for download.
23. Is there be any impact on (OBDX VAM/RTM screens) due to role transaction mapping clean up ?
Yes, due to clean up, existing functionality has been improved to simplify the categorization of role transaction mapping for all the transactions related to Virtual Accounts Management, effectively grouping them under the relevant transaction menu categories.
- Grouping of transactions from individual transactions (Create, Edit, View, Download, etc.) into broader categories (Maintain, Inquire, Delete, etc.) in Role transaction mapping screens
- Additionally, the dependencies between cross transactions have been updated to ensure that all functional transactions in the Hamburger Menu on OBDX VAM UI works in line with the corresponding line items listed under RTM transactions.
24. What happens when DDA integration is not available?
Virtual Account module will work seamlessly even when integration to the bank’s DDA is not available. In such a scenario, when the parameter "DDA availability for Virtual Accounts Management (Y/N)" is set to No, field containing the Real account balance as well as the real account balances will not be displayed on the UI but the virtual account functionalities will continue to work.
25. What actions are allowed at the Virtual Account level if it expires?
When a Virtual Account expires, users are permitted to: 1. Update the details and expiry date of the Virtual Account, 2. Generate and view statements for expired Virtual Accounts, 3. Adjust access rights associated with the expired Virtual Account.
26. If Virtual Entity Name changes, will this change be reflected in the Virtual Account Name for already available virtual accounts where Name got defaulted from Virtual Entity due to Name Change Restriction at Product level?
No, any updates to the Virtual Entity Name will not affect the name of the existing Virtual Account.