Virtual accounts are making it easier and faster for clients to simplify, streamline and consolidate their account structures, merchant flows and reconciliation processes
With multiple stakeholders across the value chain embracing online marketplaces for the global on-demand delivery of products and services, the ability of our clients to quickly and seamlessly manage their client flows is becoming increasingly important.
Deutsche Bank’s virtual accounts solution allows clients to sub-divide their physical bank accounts into multiple virtual accounts, each with their own account number. These can be assigned to individual clients, making it easier and faster for them to reconcile a payment based on the account it is paid into. Dividing physical accounts into virtual accounts also means clients can close some of their physical accounts – saving costs, removing account silos and automatically pooling liquidity in the process. What’s more, once set up accounts can be opened and closed easily, without the need for new documentation, in-branch meetings or additional account fees.
- Simplifies merchants’ payment flows across various marketplaces and payment types
- Rationalises bank account structures and banking relationships, thus reducing complexity
- Centralises treasury functions providing transparency to the merchant’s account balances
- Reduces maintenance costs by operating with fewer bank accounts
- Increases automation rate for reconciliation