Transactional banking is forever changing thanks to the new wave of innovation entering the market, forcing treasurers to question whether they are getting the most from their bank. One area of increasing focus for large corporates is the desire to have a deeper and more immediate insight into their real-time liquidity position throughout the day and being able to react when changes need to be made, without intervention from their bank.
In light of these demands, banks are investing heavily into enhancing their cash management and payment platforms, bringing a host of new products and capabilities to market. One product increasingly being discussed is virtual accounts, a concept introduced in the Nordics and Asia over 30 years ago, but one treasurers are only now seeing as a necessity of their incumbent bank.
With HSBC, NatWest and Deutsche Bank all announcing partnerships with big tech firms who provide virtual account platforms, it’s clear that the dominant financial institutions also see this as a fundamental product to add to their cash management and payment offering.
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