Reasons To Consider Opening Virtual Bank Account
Technology has brought new dawn with the introduction of virtual account services to the banking sector. Most organizations have many accounts and inter-bank account transactions, including sales account, procurement account, expenses account, and travel account.
Corporates will therefore require digital services to ease their transactions and return them on investment. The commonly known Virtual Account Management (VAM) platforms enable companies and organizations to more efficiently manage and control their virtual cash and banking management processes.
It provides a single option for their liquidity management and cash, management of payments and clients receivables, management of client money, in-house banking, thus enabling reduction of manual processes and operating costs.
The following are the benefits of using virtual bank accounts ; First, these accounts have improved cash management, facilitated bank account access, and financial regulators ‘ monitoring of bank transactions.
Virtual account services encourage businesses with many banking transactions to use digitized account to better manage their accounts. They are able to transact effectively in different banks across multiple accounts. It is normal to find a company has accounts with different banks, the virtual services enables them to link all accounts and manage them virtually.
Third, the Virtual Accounts Service has enabled organizations to consolidate all accounts and manage them from one physical point. It ensures enhanced workflow integration, real-time financial reporting, increased customer service and an efficient cash management system.
This has made them stand out and are companies ‘ preferred transaction accounts. In terms of cost, virtual accounts have lower rates compared to other bank accounts since there is no face to face transaction, bank relationship, customer service among other services offered by physical bank account.
Customers benefit from virtual banking services where the bank can approve and administer loans, calculate interest, simplify liquidity management. Virtual accounts give you the opportunity to control your banking service, operational control and enhanced banking relationships.
Also, you will be in a position to control and manage incoming and outgoing business transaction from several accounts into one account. In terms of time, the customer saves a lot of time since they can access their account at the comfort of their office or any place convenient for them.
The corporates are able to create, manage and monitor transaction in the virtual accounts. To add on, Virtual account allows efficient cash flow during cash management. The accounts have tools that support you to pool, sweep, and check the interest rate and your account credit limit. Also, you will be in a position to tailor-make bank statement.
There is positive feedback on the impact of virtual account on how they have transformed banking transactions.