Client Fund Management for the 21st Century.
Manage all your client/third party funds with Virtual Account Manager (VAM).
Virtual Account Manager (VAM) is the latest addition to our iBusiness Banking (iBB) cash management system, allowing you to directly administer client and third party funds from your desktop PC using your web browser.
Virtual Account Manager increases the efficiency of your account administration process and can be used by a wide range of business types such as solicitors, pension management companies/trustees, chartered surveyors, religious bodies and diocesan organisations, media groups, debt management companies, property management companies, auctioneers and funds managers.
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 processing
- 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.
Important information about compensation arrangements
AIB Group (UK) p.l.c.* is covered by the Financial Services Compensation Scheme (FSCS). Eligible depositors including Clients' Accounts of Professional Firms (such as Solicitors and Chartered Accountants) held within VAM are each entitled to claim up to £85,000 of the money they have deposited. Other firms' Client Accounts may also be covered if they fulfil the FSCS criteria.
Check what protection the Financial Services Compensation Scheme offers you.
*AIB Group (UK) p.l.c. operates under the trading/brand names of AIB (NI) in Northern Ireland and Allied Irish Bank (GB) and Allied Irish Bank (GB) Savings Direct in Great Britian. The FSCS limit relates to the combined amount in all the eligible depositor's accounts with all of these trading/brand names.
How to register
The Virtual Account Manager module is available by application to new or existing iBB customers.
Contact your Relationship Manager or call into your nearest branch and complete the relevant application form. One of our experienced staff members will be on hand to help you with any queries you have.