Automate reconciliation and improve visibility
Improve the visibility of your total liquidity and enable segregation of funds and automated reconciliation of payments, with Virtual Accounts.
Rationalise the number of bank accounts you need to manage through self-service, reflecting payments per customer, per entities or project.
Through Nordea’s Virtual Accounts Management solution, you can set up a structure that reflects your specific business needs.
Benefits of Virtual Accounts
- Enhanced visibility and improved risk management
- Increased match accuracy, enabling better transaction identification
- Quicker response time, improving customer experience
- Diminished administration and system related costs
Collections and Payments on behalf of (COBO/POBO)
Automate the reconciliation process of incoming payments where alternative reference payments and direct debit solutions are limited or not available. This might be particularly beneficial for payments outside the Nordics.
Set up a Payment and Collection Factory with Virtual Accounts hierarchies, for performing centralised collections on behalf of (COBO) and payments on behalf of (POBO) subsidiaries.
Create an in-house bank solution that reflects multi-entity business operations, by using incoming and outgoing payments and transfers between virtual accounts.
Nordea's Virtual Accounts video
Get in touch
For more information about how we can support your business contact your Nordea adviser.