1 Introduction

Oracle Banking Virtual Account Management is a single integrated platform which enables your corporate customers to create and manage multiple virtual accounts for their liquidity, receivable, and payable management needs. These virtual accounts are used to make and receive payments on behalf of few real accounts. This service model helps the corporates to monitor their cash inflow and outflow in an organized manner by reconciling the payments in real time and also consolidating the cash in few centralized real accounts.

With Oracle Banking Virtual Account Management, corporates who wants to hold multiple bank accounts across locations can create any number of virtual accounts that can be backed by a few real centralized accounts. Corporates with multiple dealers and suppliers can assign a unique virtual account to each of them for payer and receiver identification, hence, enabling higher reconciliation rate.

Varying from the traditional approach of the banks setting up and administering numerous physical bank ledger accounts, Oracle Banking Virtual Account Management offers the corporate to create, control, and manage any number of virtual accounts for them or their clients. The corporate can customize the virtual account numbers and allocate different numbers to their clients for easy identification through the virtual account number. For example, a mobile service provider company can advice their customers to pay the bills to a customer specific virtual account. The customer specific virtual account may contain the mobile number or can be the mobile number itself. When the payments are done through the virtual account numbers, the real account of the mobile service provider is credited. At the same time, the mobile service provider will have the details of customers who have made the payments thus making it easy for the company to reconcile the dues with payments received.

• Benefits
  This topic provides information about the benefits of Oracle Banking Virtual Account Management application.
• Key Features
  This topic provides information about the key features of Oracle Banking Virtual Account Management application.
• Architecture
  This topic provides information about architecture of Oracle Banking Virtual Account Management.