Societe Generale Simplifies Treasury Management With a New Virtual Accounts Offer

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The new virtual accounts offer from Societe Generale provides European corporate clients with an unlimited amount of virtual account numbers (vIBAN), all related to the same real bank account that holds the company’s liquidity. Coupled with a tailor-made reporting system, it allows real time reporting on the liquidity, both aggregated and analytical.

Through the customisable allocation of vIBANs among their own clients and providers (individual, grouped, geographical, etc), corporates can benefit from a comprehensive overview of every incoming and outgoing payment, suited to their own monitoring needs. The solution allows for:

  • automated reconciliation of incoming payments and invoices, making reporting, monitoring and the sending of reminders easier.
  • account structure rationalisation to reduce the constraints of administering numerous real bank accounts.

EDF was Societe Generale’s first corporate client to implement the virtual accounts solution, customised to meet the specific needs of the organisation. Jérémy Roublique, Head of Payment Solutions for EDF said: “When the project was launched, we had not fully anticipated the offer would give us this degree of possibility to optimise our internal processes. The solution, built collaboratively with Societe Generale, enables the implementation of dedicated reports on operations that require reinforced daily monitoring. This service is fully in line with the process undertaken within the EDF Group of industrialising our cashflow processes and reducing the number of real bank accounts.”

Nicolas Cailly, Deputy Head of Payments & Cash Management for Societe Generale added: “This offer is fully in line with our strategy to support our corporate clients with tailor-made, added-value solutions. Virtual accounts have a strong potential to simplify liquidity management and optimisation, thanks to operational gains on bank account administration and the possibility to optimise Days of Sales Outstanding through the native reconciliation of payment flows.”

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