Virtual bank accounts and Virtual ledger account modules
VBA module is a real-time cash consolidation platform providing you easy access to crucial information that in turn reduces idle cash and allows effective management of funding levels.
A VBA, with properties comparable to traditional IBANs, enables you to manage payments and cash concentration across the ING network using a single ‘master’ bank account within your treasury hub. All payments, incoming and outgoing, are real-time routed in-country or cross-border via these accounts to a linked ‘master’ current account. As such, providing you real-time view on cash positions that leads to better short term investment decisions and yield maximisation.
The VLA combines one physical bank account with an accounting sub-ledger that is uniquely configured to the needs of the corporate for segregating cash flows. This one-to-many model can be as simple as two sub-accounts, or more granular to reflect the account setup of corporate general ledger.
One of the main benefits of VLA is that cash can be earmarked as belonging to a particular virtual account. This means that corporates can automatically allocate funds without needing to segregate them physically. By segregating cash virtually rather than physically, you achieve continuous real-time cash consolidation, reduce reliance on intraday credit and more efficiently manage transaction flows and liquidity.
Through the VLA module, you can now access live on-screen consolidated cash positions from international subsidiaries and other entities, and in the kind of detail never before possible. This centralised reporting provides consolidated as well as detailed views on cash positions across regions, entities and currencies.
The VCM modules bring much needed transparency, control and standardisation to your cash and intercompany lending operations. On the VCM platform, you can setup, define and manage as many virtual accounts as required by the business. You can also organise account hierarchies as you see fit.
As VCM supports timely, informed decision-making it assists treasurers in delivering strategic value, drive business performance, and increase overall efficiency.