Reasons To Consider Opening Virtual Bank Account
Technology has brought new dawn to the banking sector by introducing virtual account services. Most organization possess many accounts and do inter-banking account transactions which include sales account, procurement account, expenses account, and travel account among others.
Therefore the corporates will require digital services which ease their transactions and give them return on investment. The Virtual Account Management commonly known as (VAM) platforms which allow corporates and organizations to manage and control their virtual cash and banking management processes more efficiently.
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 benefits of using banking virtual accounts; The following are the advantages 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 can 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 be the most preferred transaction accounts by companies. In terms of cost, virtual accounts have lower rates compared to other bank accounts as there is no face-to-face transaction, banking relationship, customer service among other services offered by physical bank account.
Customers benefit from virtual banking services where the bank is able to approve and administer loans, calculate interest, simplify liquidity management. The virtual accounts give you the opportunity to control your banking service, operational control and enhanced banking relationships.
You will also be able to control and manage incoming and outgoing business transactions from multiple accounts to one account. The customer saves a lot of time in terms of time as they can access their account at the convenience of their office or any place convenient for them.
Corporates are able to create, manage and monitor transactions in virtual accounts. To add to this, 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.