The digital solution enables treasurers to rationalise and simplify account structures. More than that they can set-up in-house bank structures with capabilities including invoice matching, internal transfers, reconciliation, and an intercompany loan administration.
Also, VCM can pay on-behalf-of subsidiaries (POBO), and introduces collecting on-behalf-of subsidiaries (COBO). Cross-border transactions and multi-entity cash is gathered in one place by replacing current accounts with virtual IBAN bank accounts, linked to one master account. The solution will support both large and mid-corporate clients.
In September 2016, four startups will enter ING’s Innovation Studio to see whether they can help the bank launch a viable commercial business, according to BankingTech.
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