1.1 Benefits

This topic provides information about the benefits of Oracle Banking Virtual Account Management application.

Oracle Banking Virtual Account Management application provides service for the customers of financial institutions. This service helps the corporate clients to manage and control multiple virtual accounts with different currencies. These virtual accounts can be used to manage and track high transaction volumes towards the master bank account. The corporate customer can open and close these virtual accounts without any intervention from the banks.

Oracle Banking Virtual Account Management allows to:

• Create customized virtual account numbers and structures irrespective of regions with multiple currencies.
• Create configurable virtual CIF and IBAN mask at bank and branch level for a real CIF and IBAN.
• Link multiple virtual account structures to a single CASA.
• Debit and credit transactions for virtual accounts with shadow accounting.
• Track the balance and transfer the balance amount between the virtual accounts.
• Amount block support for virtual account and structure.
• Set up negative balance limits for virtual accounts.
• Generate the transaction statement for virtual account transactions.