Embracing the benefits from instant payments and open banking initiatives, Tieto is currently launching the next generation Virtual Account Management (VAM) platform. This enhanced VAM solution enables banks to deliver a real-time liquidity overview to corporate customers, with the associated benefits of accelerated settlement and immediate availability of funds.
Innovative customer propositions based on virtual account management capabilities have become increasingly popular for both large and mid-size corporate segments. Not only resulting from self-servicing flexibility, but also in terms of liquidity visibility and control and associated reporting. The new Tieto VAM platform has been designed to simplify the needs of corporate treasurers, by offering 24/7 monitoring and automated management of liquidity and transactions. It is also aligned with evolving regulatory requirements, including Basel III and PSD2.
“Simplification and automation are key priorities for both banks and corporates." says Ilkka Korkiakoski, Vice President, Head of Transaction Banking at Tieto. "For banks, VAM simplifies account structures, enabling operational efficiencies and new improved services which in turn lead to enhanced customer relationships, while corporate businesses can enhance automation and improve financial reporting and control. This, in turn, can facilitate faster decision making and create better long-term business results.”
Tieto VAM includes a fully-customisable dashboard with supporting self-service capabilities. Virtual accounts can be opened, closed and structured to reflect business operations. An unlimited number of virtual accounts and sub-accounts can be mapped to a single physical account. The funds paid to each virtual account are collected into the physical account and identified for reconciliation purposes using virtual account numbers. Account hierarchies can be single or multi-currency, and itemised reporting is possible at any level of the account structure. Corporates can also benefit from multi-bank features to reflect real-time information from physical bank accounts across different banks, countries and currencies.
Tieto VAM platform is positioned between customer channels and a bank’s core system architecture, acting as configurable “virtual overlay” that can be implemented with minimal impact to existing core banking systems. For a bank, this ensures a significantly faster time to market and minimal implementation costs. With a single VAM platform, banks can easily scale their offering over time and create various virtual account propositions addressing different customer segments.
You can meet our experts and learn more about our next generation Tieto VAM platform at EuroFinance 2018 in Geneva, Sept. 26-28. https://campaigns.tieto.com/eurofinance2018