Virtual Accounts

Know where money belongs to, enabling segregation of funds and automated reconciliation of payments. Decrease the complexity connected to managing multiple bank accounts and ease your accounts administration through self-service. These can be supported by Nordea’s Virtual Accounts management solution (VAM).

Virtual Accounts enables corporates to automate reconciliation and improve visibility of their total liquidity with the use of one bank account. With Virtual Accounts solution companies can set up their virtual accounts in a self-service mode, reflecting payments per customer, per entities or project.

Set up Virtual Accounts structure reflecting your specific needs

Enhanced Reconciliation
Automate the reconciliation process of incoming payments where reference payments and direct debit solutions are limited or not available, typically incoming payment outside the Nordics.

Collections and Payments on behalf of (COBO/POBO)
Set up Payment and Collection Factory with Virtual Accounts hierarchies, for performing centralised collections on behalf of (COBO) and payments on behalf of (POBO) subsidiaries.

In-house bank
Create an In-house bank solution that reflects multi-entity business operations in a virtual account structure, by using incoming and outgoing payments and transfers between the virtual accounts.

To find out more, please contact your Cash Management Advisor.

How can Virtual Accounts support your business

  • Control: Enhanced visibility and improved risk management
  • Efficiency: Increased match accuracy, enabling better transaction identification
  • Convenience: Quicker response time, improving customer experience
  • Cost savings: Diminished administration and system related costs