ING makes cross-border virtual cash management a reality
ING Wholesale Banking has launched Virtual Cash Management (VCM), a digital solution for corporates to centralise treasury functions.
The firm says VCM enables treasurers to rationalise and simplify account structures and to set-up or “enhance” in-house bank structures with capabilities including invoice matching, reconciliation, internal transfers, and an intercompany loan administration.
Dick Oskam, global head transaction services sales at ING, says VCM offers a “digital ecosystem through a single, flexible, multi-bank portal that can seamlessly integrate into any treasury department’s existing IT infrastructure”.
In addition, ING says VCM helps with paying on-behalf-of subsidiaries (POBO), and introduces collecting on-behalf-of subsidiaries (COBO). By replacing current accounts with virtual IBAN bank accounts, linked to one master account, cross-border transactions and multi-entity cash will be concentrated in one place. The solution will support both large and mid-corporate clients.
ING has been innovative of late.
Four start-ups will enter ING’s Innovation Studio in September to see whether they can make the big time – the launch of a viable commercial business.
ING Bank Romania launched a new mobile point-of-sale (mPOS) service, underpinned by MasterCard and specialist vendor GoSwiff.
ING and Belgian bank KBC joined forces to launch a new, integrated mobile payments and loyalty platform in Belgium. This will combine ING’s payment app Payconiq with loyalty platforms Qustomer and KBC’s CityLife.