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Fusion Virtual Accounts

Finastra

Corporate Banking
Cash Management
Virtual accounts provide a smarter way to automatically reconcile receivables, to reduce operational costs.
Corporate Banking
Cash Management
Virtual accounts provide a smarter way to automatically reconcile receivables, to reduce operational costs.

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.

Headless Micro-service

Can be embedded as API to marketplaces and networks, transportable widgets to 3rd party front ends.

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General information

Commercial model
Finastra
Integration
Pre-integrated products
Fusion Cash Management
doneAvailable for all 3rd party systems
Implementation
Cloud Hosted | On Premise
Website
Support
Data processing countries (1)
United States
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How it works

E-Commerce

Virtual Accounts can be issued dynamically at the time of purchase and can track order to cash cycle (including refunds). Enhanced reporting and analytics with additional details captured for purchase.

B2B

Assign virtual account to counterparty. Reconciliation and Reporting can be done at granularity of counterparty. Add on reconciliation possible with invoice information captured as part of virtual account.

B2C

Virtual Account identified by subscriber id. Reconciliation can be done at each subscriber payments.

Virtual Cards

Virtual card linked to real card issued for one time usage. Amount cap can be applied for additional security.
How it works

How it looks

Collection Summary

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Transactions

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Modify Virtual Account

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Invoice Center

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screenshot container
Collection SummaryTransactionsModify Virtual AccountInvoice Center

Collection Summary

Resources

Fusion Virtual Accounts
FACTSHEET
Fusion Virtual Accounts