Virtual accounts (VAs) are off-book accounts mapped under a physical bank account to represent funds segregated by a subsidiary or a counterparty (e.g., supplier or client) to a payment transaction, or even a transaction by itself (e.g., an invoice).
Open banking regulations allow third parties to access accounting information, and a multibank VA management solution can mirror the account information across multiple banks, giving corporate customers an overview of the VAs maintained under different banks.
This panel will review how banks should leverage open banking practices and API-based user interfaces to enable their corporate clients to view and administer the VAs maintained with other banks through their own bank’s corporate banking channels.
Jim Gillespie - Dragonfly Financial Technologies
Alex Yang - Bank of America