BANKING
account into several virtual subledgers . The effect is a significantly more comprehensible method for tracking finances in an integrated , seamless and holistic manner , yet also with a firm degree of granular oversight and control over each subledger or ‘ virtual account ’. This in turn can unlock : • Greater access to funds
• More accurate cash forecasting
• Liquidity optimisation
• Lower cost-of-funding
To learn more about the transformative potential of VAM for banking , we spoke with Conor Colleary , Group Vice President of Oracle Financial Services . Working directly with global financial institutions , Colleary helps them develop solutions to maximise their use of data in the digital economy . His résumé also includes prior executive positions at Misys and Thomson Reuters , making him ideally placed to answer our five questions on VAM .
Special thanks also goes to Vipul Pal , Principal at Deloitte Consulting , for his added contributions to our research on this subject .
FINTECH ’ S FIVE QUESTIONS
Before an organisation decides to implement VAM , what considerations should it take into account ? Conor Colleary : Historically , Virtual Account Management has been a solution for large corporates who have complex structures of physical bank accounts spread across the globe . With growing globalisation , organisations that can benefit from this technology are no longer defined by their size , but by complexity and the breadth of their business . This might include companies handling payments and collections in various