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ING introduces cross-border Virtual Cash Management

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ING Wholesale Banking has announced the launch of ‘Virtual Cash Management‘ (VCM), a comprehensive digital cash management solution for corporates. VCM is designed to help treasury functions reach a next level of optimisation by facilitating centralised cash management with high cash visibility, access and control.

Virtual Cash Management enables treasurers to significantly rationalise and simplify account structures and to set-up or enhance in-house bank structures with advanced capabilities including invoice matching, optimised reconciliation, internal transfers, and an Intercompany Loan Administration. Virtual Cash Management not only facilitates paying on-behalf-of subsidiaries (POBO), it also introduces true collecting on-behalf-of subsidiaries (COBO).

By replacing current accounts with virtual IBAN bank accounts, linked to one master account, (crossborder) transactions and multi-entity cash will be concentrated in one place. To manage centralised cash on the master account, VBAs are supplemented by an advanced multi-bank dashboard with Virtual Ledger Accounts. VLAs are administrative sub-accounts that enable the treasury function to allocate cash without segregating it physically.

ING’s VCM solution allows full cash concentration and -visibility to be realised across the group, no matter how the treasury function is organised or how sophisticated and harmonised its technology infrastructure is. The solution will support both large and mid-corporate clients in taking their next step towards centralisation, and will allow these clients’ treasury function to focus on its value-added tasks.

Dick Oskam – Global Head Transaction Services Sales at ING commented: “Our clients tell us that they are very excited about the opportunities that Virtual Cash Management is able to offer them. ING’s vision is that corporates of all sizes should be able to manage group-wide cash and payments in a digital ecosystem through a single, flexible, multi-bank portal that can seamlessly integrate into any treasury department’s existing IT infrastructure. ING partners with treasurers that embrace efficient, cutting-edge solutions to help them navigate an increasing complex industry.”

In times of greater market volatility and a more complex regulatory environment, treasury plays an increasingly strategic role in the organisation. It has become key in mitigating risks and ensuring liquidity and working capital optimisation. The Treasury function is expected to act more as an advisor to the board, helping to provide insight into financial decisions and drive value creation across the business. ING’s newly developed Virtual Cash Management solution aims to meet the treasurer’s need for gaining full control over the company’s cash flows and for timely and informed decision-making. VCM moves all domestic and cross border transactions of the company into one single location.

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