BANKING
HOW TO IMPLEMENT VIRTUAL ACCOUNT MANAGEMENT ( VAM )
Speaking to Conor Colleary at Oracle , with added comments from Vipul Pal at Deloitte , we explore VAM ’ s place in modern banking and how to implement it
WRITTEN BY : WILL GIRLING
To say that modern banking processes are ‘ complicated ’ is an understatement , and the larger or more dispersed a company ’ s network of cash deposits becomes the problem is exacerbated further . With corporate account architectures soon spiralling into costly and time-consuming labyrinths that necessarily grapple with separate liquidity and regulatory requirements , which are also sometimes managed inefficiently by outdated manual means , it ’ s clear that the traditional approach to account management isn ’ t working .
As usual , digital technology has provided the answer : Virtual Account Management ( VAM ). Simplified , VAM works by allocating transactions within a ‘ master ’ physical
52 April 2021