BELLIN, the web-based treasury software and services for multinational corporations, have announced that they will be releasing a Virtual Network Bank service. BELLIN say that “Their mission in this new services is to create “global transparency in banking communication” by revolutionizing the bank onboarding process for corporate clients.”
BELLIN will provide access to a virtual bank network that includes suitable banks in any country and for any requirements. They plan to to set up the administrative framework and introduce a completely standardized process that, they claim: “exceeds any traditional services provided in connection with technical onboarding or consulting and which creates maximum efficiency and will allow corporate clients to overcome a number of administrative challenges.” The new service will:
- Use of standardized contracts negotiated by BELLIN, with the company as account holder
- Standardized fees for complete transparency when it comes to costs
- Standardized KYC questionnaires
- and will be a “one stop solution.
SWIFT’s Sebastian Niemeyer has joined BELLIN to head up new service.
Banks and corporates to benefit?
BELLIN claim that, ”Both corporate clients and banks are set to benefit from this offering. While the selection and on-boarding of banks will become much more straightforward for corporates, banks will no longer need to deal with each customer individually and will gain access to an entirely new customer base.”
CTMfile take: TMS providers are aiming to morph into enterprise wide corporate treasury ecosystems which solves all the corporate treasury department’s problems AND integrates with everything. This is not going to be an easy sell to either banks or corporates, e.g. What is a ‘suitable bank’? Nevertheless, the opportunity is huge.
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