Report

Virtual Accounts Revisited: Open Banking Breathes Life Into Corporate Use Cases

Open banking and APIs make virtual accounts a more powerful cash management tool.
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London, 9 July 2020 Virtual accounts aren’t new and have been deployed across the globe. The concept has been around at least 20 years in one form or another, but combined with immediate payments and API-enabled open banking, new virtual account management platforms are emerging that enable banks to provide the timely control over cash and liquidity management that customers now demand.

The first in a three-part series, this introductory report examines how new approaches to VAM implementation differ from past efforts, explores the opportunities and use cases that they can address, considers how different account structures are appropriate for different applications and market sectors, and looks at how vendors are repositioning their solutions. This Impact Brief is based on five interviews with wholesale banking and payment senior executives in the U.K, the U.S., and Australia, as well as briefings from vendor representatives.

Clients of Aite Group’s Wholesale Banking & Payments service can download this nine-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

This report mentions Cashfac, Infosys, Intellect iGTB, Finastra, Oracle, Montran, SAP, Temenos, Tieto, and Volante Technologies.

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