BNP Paribas is scheduled to launch its Virtual Account Management platform with pilot corporates in July 2020. While the bank already has a Virtual Account solution that is live in the form of IBAN references to support smart funds allocation and funds segregation, it is going a step further by offering a dedicated module to fully release the benefits of virtual solutions, thereby supporting outgoing flows.
BNP Paribas believes that its Virtual Account Management platform can bring value to corporates by helping them smoothly integrate virtual accounts within their payment factory and in-house bank module. This will help boost their level of centralisation by managing the transactions of their affiliates centrally, with easy identification of the flows.
Since the need for centralisation is the cornerstone of many treasury transformation projects, the BNP Paribas Virtual Accounts Management platform will enable its technical implementation directly within the corporates’ existing - sometimes complex - technical architecture. The bank says that this is a key advantage of the platform, as it would obviate the necessity for heavy system changes that often require external implementation support.
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