The Rise in Prominence of Virtual Accounts

https://gomedici.com/the-rise-in-prominence-of-virtual-accounts
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Open banking and real-time payment opportunities have forced the global transaction banking industry to rapidly undergo fundamental changes. By offering effective virtual account services, banks can stand out in an experience-driven ecosystem and generate potential revenue sources.

The ability of Payment Service Providers (PSPs) and FinTech firms to manage their client flows is a game changer. Virtual accounts are a sophisticated, technology-enabled banking tool to simplify, streamline, and consolidate merchant flows and reconciliation. They can become a strategic enabler for banks and corporates.

New-Age Treasury With Virtual Accounts

Virtual accounts, also referred to as ‘shadow accounts,’ are a set of non-physical accounts used to make and receive payments on behalf of real accounts. They are subledgers that divide the balances within a physical bank account and attribute all transactions to the correct virtual account. Every virtual acco …

https://gomedici.com/the-rise-in-prominence-of-virtual-accounts