Cash management and forecasting is never far from corporate treasurers’ minds. The Association for Financial Professionals’ 2017 Strategic Role of Treasury Survey found that 64% of respondents see this area as the key priority for their departments over the next three years. However, treasurers at multi-national companies are hampered by numerous bank relationships, a plethora of group and subsidiary accounts, and treasury operations across countries and currencies.
Today, many banks are touting virtual account management (VAM) technology as the answer to better visibility into, and control over, corporate cash flows. And while virtual bank accounts have been in use for more than a decade, mainly for receivables reconciliation purposes, banks are now providing a much broader offering, incorporating accounting, payments and channel functionality.
