Susanne Prager
Cash Management
Virtual IBAN
Payment reconciliation can be like looking for a needle in a haystack. Virtual IBAN revolutionizes this process: Fully automated reconciliation of receivables by virtual payment allocation.
How Businesses Can Now Automate Their Incoming Payment Reconciliation
Always Stay on Top of Things: Automated Reconciliation of Receivables
Corporates with a huge number of incoming payments from various customers can relate to the challenge of having a correct and complete reconciliation of receivables in their ERP system. Oftentimes, this includes a big manual workload. Virtual IBAN provides a simple and cost-saving solution by helping to automate this process.
How Does Virtual IBAN Make Your Processes More Efficient?
Basically, using a Virtual IBAN is like attaching your story to a payment. For you as a corporate, this means:
- You assign a unique Virtual IBAN to each of your customers.
- Your customers send outstanding amounts to their respective Virtual IBAN via credit transfers.
- Virtual IBANs are linked to your physical account which is also used for outgoing payments.
- All incoming payments are immediately booked on your physical account (there are no entries on Virtual IBANs) and are – thanks to those Virtual IBANs – clearly allocated to the respective instructing party.
- You are now able to reconcile incoming payments in a fully automated way.
Our state-of-the-art internet application VAM@Web provides access to comprehensive Virtual IBAN related information such as:
- Account balances
- Payment transactions on the physical account
- Single views to virtual account balances and
- Incoming payments related to your Virtual IBANs.
The self-service functionality helps you allocate and manage Virtual IBANs flexibly according to your needs. It is also possible to easily deactivate Virtual IBANs in VAM@Web.
Our Virtual IBAN solution was only the first step towards an extended Virtual Account Management. With Virtual Account solutions for one legal entity we successfully reached the next step in our VAM journey. Virtual Accounts fulfill our corporate customers’ desire to centralize their cash and liquidity management as well as to simplify bank account structures.
Cash and Liquidity Management Wherever You Are
Do you need a flexible way to process your payments worldwide easily, quickly and transparently? Are you looking for a partner in CEE with the regional knowledge of a local bank but the network of an international banking group? No need to look further.