Oracle Banking Virtual Account Management

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Overview

Oracle Banking Virtual Account Management provides comprehensive support for banks looking to empower their corporate customers manage their banking accounts efficiently. Banks can leverage Oracle Banking Virtual Account Management capabilities in order to support their corporate customers achieve their strategic goals and drive profitability. Oracle’s virtual accounts management solution helps drive efficiency and allows access to real-time information for critical decision-making.

Oracle Banking Virtual Account Management aids banks in empowering corporate customers to manage their receivables and payables efficiently. Using Oracle Banking Virtual Account Management banks can enable payments on behalf of (POBO) and receive collections on behalf of (COBO) the main physical account and improve straight through reconciliation for corporate clients. Oracle’s virtual accounts management solution also enables banks to transform the approach to cash management and facilitates easy segregation of inflow and outflow of funds for corporates

By allowing banks to support multi-level, multi-entity, multi-currency virtual cash pool and empowering corporates to concentrate balances in fewer accounts the solution enables corporates to manage liquidity effectively. Corporates’ liquidity management ability is further enhanced with interest calculation, redistribution and internal credit limits definition and tracking of virtual accounts. With Oracle Banking Virtual Account Management, banks can vest corporates the ability to segregate and manage their client money effectively. Banks can enable multi-currency virtual account identifiers and improve receipt identification for corporate customers. Virtual account identifiers enables easy identification of the paying customer and the purpose of payments and it also automates receivables processing without the complexity of maintaining multiple accounts.

Oracle Banking Virtual Account Management offers intuitive dashboards for bank operational staff and relationship manager. These intuitive dashboards empowers the bank staff to serve customers efficiently.

By interfacing with Oracle Banking APIs, the solution offers a vast Open API set for virtual account management. Additionally with pre-built interfacing with Oracle Banking Digital Experience the solutions allows banks to offer self-service that empower corporates to manage virtual accounts with ease.

Banks also have the opportunity to opt for the easily scalable, secure and highly available Software as a Service, Oracle Banking Virtual Account Management Cloud Service. Built on cloud native environment, Oracle Banking Virtual Account Management Cloud Service ensures the highest level of system availability, performance and data security, Additionally Oracle ensures continues enhancement of the cloud solution with innovative features enabling its banking customers to stay ahead in the market.

Key Features

  • Allows banks to empower corporates to define multi-currency virtual accounts with support for entities and complex account structures
  • Facility to seamlessly synchronize virtual accounts, entities and structures with physical accounts
  • Multi-currency virtual identifiers empowers banks to improve receipt identification for corporate customers
  • Creation, deletion and modification of single or multiple virtual accounts, structures and entities via a bulk file
  • Corporate customers have the flexibility to access SWIFT ISO, ISO20022 and PDF statements
  • Holistic dashboards for relationship managers and bank operational staff
  • The solution is DDA system agnostic and can easily interface and support multiple types of DDA systems
  • The solution offers pre-built interfacing with Oracle FLEXCUBE DDA, Oracle Banking Cash Management, Oracle Banking Liquidity Management, Oracle Banking Digital Experience and Oracle Banking APIs to empower banks to offer a comprehensive cash and liquidity management solution
  • The solution is built on micro services architecture
  • State-of-the-art of self service capabilities by interfacing with Oracle Banking Digital Experience
  • Vast Open API set for virtual account management functionalities
  • The SaaS version of the solution offers high level of data security and access management and automatic provisioning that allows banks to scale easily and process unplanned rise in transactions

Key Benefits

For corporate customers

  • Complex account structures simplified with reduction in number of regulated physical accounts and corporates can manage their finances more effectively
  • Enhanced transparency over cash flow, reduced transactions costs and minimized fraud with in-house banking enabled by virtual accounts
  • Sophisticated liquidity management simplified with multi-level, multi-entity and multi-currency virtual accounts
  • Real time visibility into cash positions across virtual and physical account structures
  • Efficient management of working capital with optimized account structures
  • Self service that allows flexibility to maintain account hierarchy as per business needs
  • Significant reduction in transaction costs
  • Virtual identifiers helps optimize receipt management and automates and enhances receivables processing

For banks

  • Account administration and maintenance costs considerably reduced due to minimal physical accounts
  • Reduced cost incurred for KYC procedures and account maintenance activities
  • Relationship managers and operational staff equipped with intuitive dashboards to offer superior services to customers
  • By leveraging Oracle Banking Virtual Account Management Cloud Service, banks can offer secure and scalable virtual account management solution that is highly available with zero or minimal downtime
  • Enhanced banking relationship with customers and increased revenue