Corporate customers and businesses, usually medium-to large, nowadays expect their banks or financial institutions to closely align with their business operations. Cash management is one of the critical component of it. Manually tracking their incoming funds from their numerous sets of customers is an intensive and error prone process.

BankFlex^® Virtual Account Solution is a robust and innovative cash management offering designed for the bank’s corporate customers. It streamlines and eases reconciliation of inward payments the corporate receives from several of their customers.

BankFlex^® Virtual account facility is available for the customers over BankFlex^® Corporate Internet Banking, BankFlex Host-to-Host banking, BankFlex^® EASI Banking and BankFlex^® Mobile Banking digital channels. In case the core banking system allows to setup and process Virtual Accounts transactions, then BankFlex^® Virtual account uses core banking systems capability. In case core banking doesn’t prosses this facility, then the bank has option to use BankFlex^® Core Banking. BankFlex^® Core Banking has a complete and fully automated setup and transaction processing capability for Virtual Accounts.

BankFlex^® Virtual Account can be used to implement e-wallets and micro-accounts. Virtual Accounts, which are unique identifiers linked to a physical bank account, can be leveraged to create and manage digital wallets. This allows small cooperative banks and financial services providers to offer their customers a way to send, receive, and store money digitally, similar to traditional e-wallets.