Fusion Virtual Accounts
Virtual Accounts based Receivable Reconciliation Service allows banks to resolve the AR reconciliation challenge for their corporate customers across traditional (Invoice reconciliation), contemporary (eCommerce), and future (BaaS) use cases. It offers both corporate portal and real time OpenAPI for virtual accounts creation, invoice upload, receiving payments and recon reporting. This can give bank an opportunity to build new revenue stream while improving CASA balances.
The acceleration of digitalization has seen a sharp uptake in the demand for processing receivables via digital channels. This represents a challenge for many banks as they aren’t fully equipped to handle this new dynamic.
Receivables reconciliation that leverages the additional power of virtual accounts gives banks the opportunity to match their clients demands and provide an enhanced customer experience through attended digital channels, as well as via unattended API-enabled services. Offering enhanced receivables reconciliation for corporate clients has a positive impact on customers’ working capital, allowing them to unlock value in the invoice to cash cycle and reduce days sales outstanding. In addition, achieving a far higher ratio of straight through receivables allows the corporate to redirect resources more effectively.
Affordable corporate portal for virtual accounts for receivables
Dedicated portal for receivable managers to issue new virtual accounts, upload invoices, receive payments & invoice recon reports. Rollout in weeks, over existing bank infrastructure.
eCommerce real time virtual accounts at scale via OpenAPI
The reconciliation service also offers APIs for new/upload invoice/receive payments, so bank and corporate can automate at scale, both traditional and eCommerce.
Can be embedded as API to marketplaces and networks, transportable widgets to 3rd party front ends.