Virtual Account Manager (VAM)

Features and benefits

• Open, close and maintain instant access 'virtual' accounts for individual clients
  • There is no limit to the number of virtual client accounts you can open and maintain on VAM.
  • You can choose the account names and references of your virtual accounts.
• Manage multiple customer accounts using a single ‘Pooled Account’
  • Your clients’ funds are held in a single ‘Pooled Account’ with the Bank
  • Reconciliation of the virtual accounts against the Pooled Account is automated.
• Calculate and apply credit interest as well as producing statements and certificates of interest
  • Interest on funds is paid gross and is automatically calculated and credited to each client on a quarterly basis.
  • Client statements and certificates of interest paid and received are automatically generated by the system.
• A range of reports available with ability to export for reconciliation and processingleges and payment limits
  • A comprehensive portfolio of reports is available within the system for your management information needs
  • A full history of your virtual accounts, including closed accounts, is available.
  • Export reports for processing in your systems including reconciliation of bank statements.