ING introduces cross-border Virtual Cash Management

Published 

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.

ING

Most recent episodes

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY’s distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event,...

00:00

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI’s Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI’s Editor, Eleanor Hill, to explore the very latest treasury trends – and to discuss how smart treasurers can get ahead of the game by ...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI’s Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25

Tax Spotlight: How the OECD’s Two-Pillar Solution Impacts Treasury

Aaron Lee and Joseph Lee (DBS Bank) join TMI’s Eleanor Hill to discuss how the OECD’s Two-Pillar Solution aims to address the tax challenges arising from the digitalisation of the economy. Ahead of the 2023 implementation date multinational corporates will have much to consider around these reforms....

24:00

FX Connections: Bringing Transparency to Cross-Currency Payments

Cross-border activity is growing at a remarkable rate, making FX payments a hot topic for treasurers across the globe.  In this TreasuryCast episode, Eleanor Hill asks Daniela Eder and Gibran Maqsood (Barclays Corporate Banking) to provide their key action points around FX payments in 2022. Our guests...

21:00