REDWOOD SHORES, Calif., July 24, 2018 /PRNewswire/ -- Oracle Financial Services new platform enables banks' corporate customers to more efficiently manage and monitor their banking accounts. As corporate businesses expand globally, their operations become exponentially more complex. They often have many separate accounts that are used to process accounts payable and receivable and in multiple currencies, for example. They also must contend with dynamic market conditions and evolving regulatory requirements. Oracle Banking Virtual Account Management helps corporate businesses rationalize their complex accounting structures and simplify account management processes, such as centralizing their accounts using virtual account management (VAM). VAMs are non-physical accounts that can be used by corporate businesses to optimize their working capital processes. With Oracle's VAM solution, banks can leverage a Virtual Account Identifier and gain the flexibility to maintain different rules for different corporate customers.
"Oracle is committed to building industry-first corporate banking capabilities that are digitally- enabled and exclusively designed for corporate banks," said Chet Kamat, Senior Vice President, Banking, Oracle Financial Services. "To strengthen the relationship with their corporate customers, banks need to offer smarter transaction banking alternatives. Virtual accounts are an ideal way to give corporate customers access to real-time information and enable faster decision-making."
Oracle Banking Virtual Account Management solution enables banks to centralize cash and liquidity and better manage transaction flows for corporate customers. This reduction in account complexity provides greater visibility and control of assets. Oracle's VAM solution can facilitate easy segregation of inflow and outflow of funds and enables seamless and efficient reconciliation, which allows corporate customers to optimize working capital in a cost-effective manner. With Virtual Account Identifiers banks can enable corporate customers to set up their own rules for payment routing that best suits their business needs. Corporate businesses can now easily identify the paying customer and the purpose of payments.
The solution also enables banks to provide their customers the ability to define and manage their banking account structure at their convenience, in real-time. Customers can take charge of account structures across business units, geographies, and enjoy a friction-free banking experience. The solution also offers RESTFul APIs enabling banks to provide user experiences specific to customer needs.
Oracle Banking Virtual Account Management is pre-integrated with Oracle Banking Liquidity Management, Oracle Banking Payments and Oracle FLEXCUBE, which will helps banks offer comprehensive support for virtual accounts. The solution is also capable of working with any core banking system and banks can easily interface with corporate ERP systems and configure their customers' banking requirements based on distinct needs.
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