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Virtual Accounts
Simplify and digitalise your business at scale
Discover smarter cash management with Virtual Accounts – your one-stop reconciliation hub.
Standard Chartered Virtual Accounts – your intuitive choice
Maintaining multiple physical accounts for different business units and activities across markets can be a heavy burden – especially with the number growing as your business expands. Virtual Accounts remove this strain, enabling easy reconciliation that enables you to scale with confidence.
How it works for you
Unlock new efficiencies with our Virtual Accounts solution. Whatever your business model, it can play a central role in futureproofing your cash management. Here’s how.
Paytechs and other non-bank FIs
With our named Virtual Accounts capability, paytechs and their peers enjoy seamless reconciliation with the speed and accuracy their businesses demand. This secure and efficient process also provides maximum effectiveness in managing AML and sanctions risks. Plus, API functionality enables changes to be made with ease.
Corporates
Reconciling payments manually across multiple accounts hinders scalability and increases potential for human error. With Virtual Accounts, corporates can increase customer or distribution bases with fewer resources and lower risk. Those managing payments in different currencies have the option to streamline further, using one Virtual Account for multiple currencies.
Corporate in-house banks (IHBs)
For large groups using IHBs for centralised treasury management, minimising the number of distinct accounts is a critical objective. With our Virtual Accounts available for both collections and payments, IHBs can streamline management of incoming and outgoing payments, intercompany loans, and more. This enables visibility and control over a scalable volume of entities managed.
Virtual Accounts in action
With cash management models evolving, our new and innovative features are helping clients adapt Virtual Accounts to future-proof their business. Discover real-world examples of Virtual Accounts in action below.
Collections OBO third parties
For organisations handling collections on-behalf-of (OBO) third parties, Virtual Accounts’ automation brings essential simplicity. For example, an eMarketplace platform managing business-to-consumer sales on its merchant clients’ behalf can use Virtual Accounts to collect funds. Instead of complex physical account structures, the paytech maintains just one physical account that supports numerous Virtual Accounts. This ensures cross-border, multi-currency, multi-platform reconciliation that is fast, efficient, and resource-light.
Multi-currency support
Larger organisations often receive funds in multiple currencies from the same payer. Rather than assign multiple Virtual Accounts to the same payer, our multi-currency support function enables organisations to assign just one Virtual Account per payer. By letting us take care of identification, the organisation reduces both resource needs and FX conversion losses (due to errors in currency matching among multiple accounts). Supercharge this workflow by integrating with our SC PrismFX solution for your transactional FX needs.
Liquidity management
Our Virtual Accounts also include the functionality to enhance the visibility of liquidity positions. For example, a group with multiple different business units managed by a central treasury can establish a hierarchy of Virtual Accounts to provide a segregated view of balances by business unit, delivering clear performance insights to make informed strategic decisions.
Explore our insights
Ways to improve cash forecasting in a period of heightened u…
In this second part, we continue exploring tech-enabled solutions for improving cash forecasting accuracy.