CIMB Singapore announced the launch of its virtual account today, which it hopes can eliminate manual and inefficient reconciliation processes that are inherent to businesses with a high number of suppliers and vendors.

Commenting on the product Victor Lee, CEO, CIMB Singapore said,

“D It is essentially a one-stop financial solution for business owners that boosts productivity by eliminating certain manual processes. We believe that business owners need to be equipped with the right tools in this digital age to manage and grow their businesses. Providing them with the convenience and flexibility to manage their finances are just one of the ways CIMB constantly tries to value-add to our customers. Banking need not be so complicated in today’s environment, and we intend to provide financial services and solutions for a better banking experience,”

CIMB VA value propositions offers three distinct benefits for corporates:

1. The ability to reconcile both payments and receivables

Currently, most VAs in Singapore only allow business users to receive payments from multiple suppliers and vendors but does not allow making payments to these suppliers and vendors. With CIMB VA, business owners are able to reconcile both receivable and payments. Therefore benefitting corporations with large volumes of payments and receivable monies to effectively manage their cash flow.

2. Comprehensive allocation methodology

CIMB VA implements a three-tiered structure comprising a Master Account, Group Identifiers and VA to allow business owners a detailed or personalised viewing of their account balances at a glance. The system provides detailed reports for corporates access to their VA structure and status, as well as, a summary of all the transactions performed.

In addition, CIMB VA provides a comprehensive allocation methodology for any transactions performed on the Master account. Distribution methodology in three variants – Balance Contribution, Equal Weightage and Equal Percentage. This eliminates manual reconciliation and unreconciled receipts, therefore allowing corporates to be more productive.

3. Self-service capability

For added convenience, CIMB VA structure can be set up via CIMB BizChannel platform. Corporates can enable e-Alerts via email and SMS for these transactions. Corporates are given the choice for CIMB’s enhanced VA features or the basic VA.

Featured image edited based on photo by KOBU Agency via Unsplash