In its First Year of Launch the Bank Achieved
Betting Big on Virtual Accounts and In-House Banking
The bank built an innovative virtual accounts-based solution that allows treasurers to adapt their treasury flows as quickly as their evolving business situations. This enabled bank’s corporate clients to create a new virtual account in seconds with a supplier or a client where the same account can be functional just for the length of the relationship.
Conglomerate businesses deal with complex business operations. With innovative virtual account solution, the bank is empowering its clients to reimagine traditional banking models with an ‘on-behalf’ approach. Corporates can now set up sophisticated in-house banks and can onboard new entities, create the corresponding virtual accounts for them, and set up all their sales services.
Building a Differentiated Proposition
Transaction banking offerings are usually regional. However, with its modern transaction banking platform, this bank is fully enabled to empower its clients operate truly globally. This means the bank ensures a consistent user experience globally - whether it is an FX payment in USD or in Euros.
The bank ensures that all its products have been designed digital-first from the ground up. So, when a corporate client submits all the necessary documents, the bank can onboard a new entity and create an account in less than a day which is a significant improvement over the previous 30–60-day period.
Better Technology for a Best-in-class Platform
The bank partnered with Infosys Finacle to power its products across deposits, liquidity management and virtual accounts-based solutions. With Finacle solution suite, the bank got the flexibility to design unique cash management products tailored for its corporate customers. The bank was able to build on open architecture, with a suite of APIs to enable ease of collaboration with ecosystem partners as well as drive seamless integrations with clients’ enterprise systems.
With the new platform, the bank empowers its corporate customers to carry out cash management operations flexibly through a state-of-the-art client servicing portal.
First Ever Global and Cloud Native Platform
The bank has built its modern cash management platform on the cloud, making it the first-ever global and cloud-native transaction banking platform. Developing the platform on the cloud required less effort and cost for the bank which helped the bank to use all the freed-up capacity towards building innovative solutions with products such as virtual accounts. The cloud-native approach also made it easier to access new technology and tools, making developers more productive.
Enabling the cloud in highly regulated environment requires conscious efforts and the first focus area of the bank was security. Authorization and entitlements management were also priority areas along with data architecture.
