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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.

Description

Improved Reconciliation: Enable corporates to unlock value in the invoice to cash cycle, reduce days sales outstanding and optimise working capital by increasing their straight through receivables ratio. By leveraging the power of virtual accounts, receivables are automatically matched at a higher success rate when compared to a payment reference and value reconciliation approach.

Through a self-service digital and open API-enabled service, corporates can manage their virtual accounts and reconciliations either directly, or via accounting package or ERP (enterprise resource planning) integration with their bank. The “as-a-service” model enables the bank to consume the service, with a rapid deployment model ensuring rapid time to value.

The receivables reconciliation service is powered by Fusion Virtual Accounts.

A powerful virtual banking system for corporates is needed

According to recent research from East and Partners and Finastra, 82% of banks are looking to add liquidity and payments solutions to their cash management offerings as a priority.

Corporates’ expectations are changing as a result of enhanced consumer experiences. They are increasingly demanding self-service experiences as they have grown accustomed to improved retail banking experiences, and come to expect this in corporate banking.

Corporates are looking for solutions that address their liquidity challenges to help optimize cash flow, lower risk, and automate processes. In fact, 91% of banks say that digital, automated processes would become more important in cash management over the next 5 years.

To respond to an increasingly competitive market for cash and liquidity, in parallel with a surge in corporate demands, improve your cash management offering to customers, with an integrated virtual accounts solution.

Typically, corporates open a limited number of physical accounts with banks to process payables and receivables. This limits their ability to reconcile and mark the transactions.

Virtual accounts solve this problem.

Corporates want the flexibility to self‑serve in creation of user accounts. They want a much clearer view of those accounts to help treasury play a more strategic role. They want a scalable way for treasurers to automate processes and simplify liquidity management.

Virtual accounts can enable corporates to ringfence cash more effectively for reporting and reconciliation, while holding funds in the same physical account.

  1. Use virtual accounts to make and receive payments
  2. Generate new virtual accounts based on pre-defined logic
  3. Virtual accounts can be opened:
  • By clients
  • By business unit
  • By transactions – incoming, or outgoing

Virtual accounts for better customer service: From a single physical account, your customers can create an unlimited number of virtual accounts, which they can utilize across their supply chain. All movements across virtual accounts have an immediate impact on the underlying physical account.

 

 

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
United States

How it looks

Collection Summary

Transactions

Modify Virtual Account

Invoice Center

screenshot container
Collection SummaryTransactionsModify Virtual AccountInvoice Center

Collection Summary

Resources

Fusion Virtual Accounts
FACTSHEET
Fusion Virtual Accounts