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Virtual Account Management: Set the Course for Capital Clarity, Simplify the Complex, and Build Stronger Relationships

Virtual Account Management

Growing Complexity

Amid mountains of management data and ever-changing regulatory requirements, corporate leaders across the globe say end-to-end complexity is stalling innovation and adding unnecessary costs across the enterprise.

Corporates’ relationships with their banking partners can be equally complex. Large enterprises—and even some midsized organizations—can have hundreds to thousands of bank accounts. The banking needs of corporates have changed. To keep up with these evolving demands, corporates are looking to their banking partners for solutions. And they’re increasingly willing to make a change when they don’t find the innovation they seek.

Virtual account management (VAM) is a priceless opportunity that can deliver tremendous value to both corporates and their banking partners. Corporates stand to reduce cost and complexity, introduce new levels of automation, improve customer relationships, and streamline compliance. Banks, in turn, can strengthen vital relationships by elevating their services to address their corporate customers’ challenges while reducing their own operational costs.

A Changing Landscape

Ask a room of corporate treasurers or bankers, “What is virtual account management?” and you’re likely to get many different answers. And that is a good thing.

Banks have offered virtual account solutions for many years; however most of these offerings were for specific purposes and targeted customer segments. Today, with the capabilities of real-time payments and open APIs, VAM has evolved to offer enriched solutions that address the challenges faced by both corporates and banks for cash management efficiency.

Corporates need real-time clarity of their working capital, with self-service functionality and integrated workflows for efficiency and speed. Banks are moving away from notional pooling due to regulations and the rising costs of this business.

At the same time, corporates need greater insight and control, as well as lower costs through alternative solutions. Virtual accounts fit perfectly with these drivers, delivering grater operational efficiency to both banks and corporates.

Value to Corporates

The Oracle Banking Virtual Account Management (VAM) solution provides comprehensive support for banks looking to empower their corporate customers with greater capital clarity and efficiency. VAM has the potential—with the right technology foundation to be infinitely flexible, with new business use cases imagined daily. Using Oracle Banking Virtual Account Management, banks can enable their corporate customers to:

  • Enhance visibility and control over capital, and manage money more efficiently
  • Define complex account hierarchies and seamlessly synchronize within the bank’s account management systems
  • Automate reconciliation processes for payable/receivable management
  • Provide access to real-time information and enable faster decision-making

Value to Banks

Using Oracle Banking Virtual Account Management, banks can achieve:

  • Increased growth while responding to competitive market demands
  • Flexibility and agility to accommodate changing customer requirements
  • Ability to enable customers to setup and manage their account structures regardless of business unit, geography, or currency

How Oracle Can Help

Oracle Banking Virtual Account Management supports multiple business cases in a single platform, including client self-service components. By doing so, it offers enormous flexibility to address the requirements of both the bank and its corporate customers. Oracle’s modern, modular solution allows banks to choose the components that address their precise needs with both tactical options for faster time-to-market and strategic options for the longer term.

Oracle Banking Virtual Account Management delivers on all key VAM requirements:

  • Flexible account structure
    Supports multiple types of clients with varying requirements, such as “on-behalf of” payments, payment factories, in-house banking, and payment service providers

  • Single and centralized platform
    Creates a uniform customer offering and experience while reducing complexity

  • Self-service capabilities for clients
    Provides corporates the flexibility to manage accounts, payments, and user permissions, as well as the ability to define complex account hierarchies and seamlessly synchronize with the bank’s account management systems

  • Seamless client integration
    Simplifies deployment and reduces IT management requirements with support for host-to-host transfer protocol and API integration for payments initiation, reporting, and account management

  • Platform scalability
    Future-proofs investments with a scalable platform that supports integration requirements as well as multiple platform processes to support predicted and future volumes

Bringing It All Together

Oracle Banking Virtual Account Management equips banks and their corporate customers for a successful VAM journey that leads to greater efficiency, stronger relationships, and capital clarity.

With its standalone architecture, Oracle Banking Virtual Account Management integrates easily with the bank’s existing core system. Gaining a robust and integrated system, banks can empower their corporate customers to facilitate efficient, multi-banking relationships and be highly profitable. The solution provides real-time consolidated visibility into account structures and offers intuitive dashboards for better, faster decision making. With Oracle’s virtual accounts system, banks can easily interface with corporate ERP systems and configure their customers’ banking requirements based on their distinct needs.

The solution paves the way to new and unprecedented levels of simplicity and capital clarity for corporates, as well as stronger and more profitable relationships for their banking partners.