CXC Report: User Experiences with Virtual Bank Accounts

The CXC Report : Use Experiences with Virtual Accounts, based on detailed peer discussions between treasury practitioners has now been published and is available here.

The report gives detailed feedback on the positives and negatives of virtual accounts, including:

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Positive Cases

• Elimination of Intercompany Settlements
• Internal Virtual Accounts & In-House Banks
• Virtual Accounts for Cash and Cash Flow Reporting
• Reduction of External Bank Accounts and Reconciliations
• Virtual Accounts for Payments
• POBO and ROBO Solutions
• Virtual Accounts for Payroll Confidentiality
• Managing Employee Credit Cards
• Holding and Tracking Client Cash
• Dynamic IBANs and Custom Allocation

Negatives

• Inconsistent Bank Offerings
• ERP and Internal System Integration Needs
• Dependence on Strong Internal IT for Compliance
• Mixed Experiences with Admin, KYC, and Bank Fees
• Regulatory and Exchange Control Limitations
• Lack of Multi-Currency Capabilities
• Customer Adoption Challenges for Receipt Accounts