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Virtual Account Management

Virtual Account Management

Virtual Account Management

Product Module Overview

To make well informed financial decisions on a daily basis, the corporate treasurer must have easy access to accurate and up-to-date bank information of their cash balances. FinnAxia VAM enables banks to issued shadow current accounts that replace real current accounts and instantly route payments and collections to a linked ‘master’ current account. The solution allows corporates to consolidate complex cash operations across banks and regions to improve both cash flow visibility and forecasting capabilities. It also helps in driving efficiencies, reducing the various costs associated with account transactions and improving the quality of accounts receivable reconciliation and payee identification process.


We design, develop and configure computer hardware and software for banks and other organizations in the financial services industry.

  • FinnAxia

Business Benefits

  • Rationalize operating account landscape by reducing the number of physical accounts
  • Improve the quality of accounts receivable reconciliation and payee identification process.
  • Ensure real-time concentration and centralized funding and investment decisions
  • Increase automation significantly improving straight through processing outcomes.
  • Centralize corporate accounting improving cash flow visibility and forecasting capabilities.
  • Improve MIS reporting with streamlined account structures.

Features

  • Define Virtual account type, balance type, opening and closing dates
  • Define Virtual account format- branch and bank level
  • Flexible Virtual Account Structure Creation
  • Create virtual entity for corporate division, corporate, line of business, counter party
  • Define Virtual Account Mask type- at bank and branch level
  • Account linkage of virtual account with a real account for a one-to-one mapping
  • Comprehensive Customer Virtual Account Statement
  • Faster KYC with AI enabled data upload
  • Virtual Account Generation via API – Support for corporate system to utilise API to generate virtual accounts in FinnAxia and utilise them in their system for any transaction