ABA​ offers​ Virtual​ Accounts​ solution​ for​ businesses

24/Feb/2021

ABA​ Bank​ has​ launched​ the​ ABA​ Virtual​ Accounts​ service​ to​ bring​ a​ smart​ and​ cost-effective​ solution​ for​ business​ owners.​ Virtual​ Accounts,​ commonly​ referred​ to​ as​ ‘shadow​ accounts’,​ are​ non-physical​ bank​ accounts​ created​ under​ a​ single​ business​ bank​ account,​ thus​ eliminating​ the​ need​ to​ hold​ multiple​ accounts.​ This​ saves​ operational​ cost​ of​ managing​ cash​ across​ multiple​ accounts.

The​ service​ is​ aimed​ for​ businesses​ facing​ large​ volume​ of​ payments​ and​ delayed​ reconciliations​ due​ to​ a​ large​ number​ of​ suppliers​ and/or​ vendors.​ It​ enables​ business​ customers​ to​ segregate​ cash​ management​ within​ a​ single​ bank​ account​ by​ creating​ multiple​ virtual​ accounts​ and​ assigning​ them​ to​ a​ paying​ customer,​ distributor​ or​ agent​ and​ view​ each​ payer’s​ statement​ instantly.​

With​ Virtual​ Accounts,​ businesses​ can​ now​ centralize​ their​ accounts​ payables​ and​ receivables,​ gain​ enhanced​ visibility,​ control​ and​ efficiencies​ through​ automated,​ real-time​ reconciliations,​ and​ finally,​ increase​ cost​ efficiencies​ and​ sales​ via​ faster​ release​ of​ customers’​ credits.

ABA​ Virtual​ Accounts​ is​ offered​ free​ for​ all​ ABA​ corporate​ customers.​ It​ is​ a​ part​ of​ ABA’s​ iBanking​ for​ Business​ platform​ and​ can​ be​ used​ in​ conjunction​ with​ other​ services​ such​ as​ Host-to-Host​ solution and​ other​ great​ features.​ ABA​ iBanking​ for​ Business​ is​ essentially​ a​ one-stop​ financial​ solution​ for​ businesses​ to​ enjoy​ greater​ efficiency​ and​ flexibility​ as​ you​ can​ simply​ go​ online​ to​ manage​ the​ company’s​ finances,​ tailored​ to​ your​ business​ needs.​

For​ further​ details​ of​ Virtual​ Accounts​ service,​ please​ visit​ its​ webpage​ on​ our​ website.