Streamline accounts, master control
Virtual Account Management (VAM)
Transactional banking is shifting due to innovation and the evolving expectations of corporate treasurers, who seek enhanced real-time visibility into liquidity and the ability to act decisively.
Virtual Account Management (VAM), emerges as a revolutionary tool that allows businesses to manage liquidity more effectively. Amid global disruptions, VAM equips treasurers with the functionalities needed to optimize cash flows, streamline operations, and enhance banking experience, positioning organizations for success.
Key Benefits for Corporate Businesses
Improved Working Capital
By centralizing funds into a single master account, companies gain immediate access to liquidity, dramatically accelerating the cash conversion cycle through automated processes that enhance operational flow.
Greater Control
Empowered by self-service features, treasury teams can swiftly manage account structures and liquidity levels independently, ensuring they can pivot rapidly in response to changing business needs.
Operational Efficiency
Leveraging "On Behalf Of" (OBO) models dramatically reduces reconciliation efforts by automating transaction tagging, leading to substantial time savings and enhanced productivity in treasury operations.
Reduced Banking Costs
A streamlined approach with fewer physical accounts translates to significant cost reductions—lower banking fees and consolidated transactions simplify regulatory compliance and improve bottom-line results.
Real-Time Cash Visibility
With all financial flows monitored under one master account, treasury managers gain instant insights into overall liquidity, facilitating informed decision-making and strategic financial planning.
Key Benefits for Financial Institutions Offering VAM
Decreased Operational Costs
Shifting to virtual account frameworks enables banks to lighten the workload on their resources, transferring routine tasks to corporate clients and substantially cutting administrative expenses.
Enhanced Product Portfolio
As demand for VAM surges, banks have the opportunity to attract new corporate clients and modernize their cash management offerings without undertaking expensive, comprehensive system overhauls.
Improved Client Experience
Through streamlined account management and independent liquidity oversight, clients benefit from reduced fees and heightened satisfaction, driven by automation and faster processing times.
Protected Fee-Based Revenue
While virtual accounts may lower specific client fees, banks can still sustain revenue generation through value-added services, ensuring a competitive edge in the evolving treasury services landscape.
Use Cases
Centralized Digital Wallets
Virtual accounts are the backbone of centralized digital wallets, ensuring seamless transactions and efficient fund management that enhances user experience across diverse platforms.
Marketplace Operations
Businesses can leverage VAM to optimize cash management within marketplaces, streamlining payment processing and reconciliation efforts for multiple vendors, thereby driving growth.
Virtual Savings Structures
Organizations are empowered to establish dedicated virtual accounts for savings initiatives, facilitating targeted fund allocation and robust financial planning strategies.
Direct API Access
Ideal for businesses that manage their operations directly, this integration grants direct access to multi-currency IBAN accounts. It's perfectly suited for enterprises that handle multiple currencies and require seamless financial transactions across borders.
Embedded Banking API
Designed for businesses that wish to offer branded banking services alongside their existing products. This solution enables your clients to utilize multi-currency IBAN accounts effortlessly. It includes comprehensive services such as KYC/B procedures and client onboarding, all without the regulatory complexities typically associated with financial services. This option extends your abilities, allowing you to provide enhanced value to your clients while maintaining your brand identity.
Web-based Access
Clients can access our services directly through our secure web banking platform, ensuring convenience without compromising security. Our platform features strict multi-factor authentication (MFA) protocols and robust security measures, providing peace of mind for all our clients.
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360º VIEW OF YOUR CASHFLOW
Take control of business efficiency with smart reconciliation and tech-driven analytics. View all your currency accounts, liquidity and more in real time, in one place.
COMO’s Virtual Account Management (VAM) is an innovative financial solution designed for businesses that need to orchestrate their funds efficiently without the complexities of traditional banking. Our solution allows companies to create multiple virtual bank accounts linked to a single master account, enabling them to allocate funds for various purposes—projects, departments, or clients—without opening separate physical bank accounts. These virtual accounts have unique identifiers, helping to categorize and segregate funds for specific usages and allowing making and receiving payments quickly.
Absolutely. We understand different sectors often have unique financial processes, compliance needs, and customer engagement models. COMO's VAM is highly flexible and customizable to various industries with specific operational requirements and objectives. For instance, a manufacturing company might create virtual accounts to track costs associated with multiple production lines, while a retail business could establish accounts dedicated to different sales channels or store locations. Additionally, our solution can be configured to provide reporting and analytics relevant to specific industries and be tailored to incorporate specific compliance features.
Yes. COMO’s VAM is specifically designed to provide seamless integration with a wide range of existing enterprise systems and software applications, ensuring that businesses can enhance their financial management processes without replacing or significantly modifying their current technologies. One primary way VAM achieves this is through its standardized API-driven architecture that facilitates smooth communication between different software platforms. Additionally, COMO provides a user-friendly integration process with comprehensive documentation and support.
Mainly by providing a more streamlined and efficient financial interaction. With our VAM, businesses can create virtual accounts that enable precise tracking of customer payments and transactions, allowing for quicker responses to inquiries and issues. Enhanced transaction visibility leads to better communication regarding payment confirmations, balances, and account statements. Additionally, businesses can leverage data analytics from VAM to understand customer behaviors and preferences, enabling personalized services and proactive engagement. This can improve satisfaction and loyalty as customers appreciate efficient and transparent financial dealings.
COMO's VAM contributes to cost savings in several ways. Firstly, consolidating financial operations into a single platform reduces the need to maintain multiple physical bank accounts, lowering banking fees and administrative costs. Automating transaction processing and reconciliation minimizes manual labor, reducing payroll costs associated with finance teams. Furthermore, enhanced data visibility allows businesses to identify inefficiencies and streamline operations, leading to more informed decision-making and optimized resource allocation.
Absolutely. Security is a top priority for COMO in its VAM solution, and several robust measures are in place to protect user data and transactions. Firstly, we employ encryption techniques to secure data both in transit and at rest, ensuring that user information, such as account details and transaction records, is protected from unauthorized access and cyber threats. Multi-factor authentication (MFA) is also integrated into our platform and adds another layer of security, significantly reducing the risk of unauthorized access and protecting accounts from potential breaches. Finally, COMO strictly complies with relevant financial regulations and guidelines.