SINGAPORE (Mar 9): Businesses in Singapore are now able to reconcile both receivables and payments involving suppliers and vendors, allowing corporations dealing with large volumes to effectively manage their cash flow.
This is thanks to the Virtual Account (VA) launched by CIMB Bank Singapore late last month.
Notably, CIMB VA eliminates manual and inefficient reconciliation processes that are inherent to businesses with high number of suppliers and vendors.
While VAs in Singapore typically only allow business users to receive payments from multiple suppliers and vendors, CIMB’s offering enables the making of payments to these suppliers and vendors as well.
Employing a three-tiered structure that comprises a Master Account, Group Identifiers and VA, business owners using CIMB VA can get a personalised view of their account balances at a glance.
The system also provides detailed reports for corporates access to their VA structure and status, as well as a summary of all the transactions performed.
In addition, CIMB VA provides a comprehensive allocation methodology for any transactions performed on the Master account.
Effectively, CIMB VA eliminates manual reconciliation and unreconciled receipts, therefore allowing corporates to be more productive.
“The CIMB Virtual Account is part of an expansion of CIMB’s cash management solutions to cater to business owners and their business needs,” says Victor Lee, CEO of CIMB Bank Singapore.
"We believe that business owners need to be equipped with the right tools in this digital age to manage and grow their businesses,” he adds. “Providing them with the convenience and flexibility to manage their finances are just one of the ways CIMB constantly tries to value-add to our customers.”
For added convenience, CIMB VA structure can be set up via CIMB BizChannel platform. Corporates can enable e-Alerts via email and SMS for these transactions. Corporates are given the choice for CIMB's enhanced VA features or the basic VA.
“Banking need not be so complicated in today’s environment, and we intend to provide financial services and solutions for a better banking experience,” Lee says.
