The first step in the virtual account selection process is to check whether the product and its characteristics fit the corporate treasury strategy. This might sound obvious, but it is a key determinant of the amount of integration work that will be required.
“The extent to which the implementation of a virtual account solution requires significant investment in technology depends on the organization,” says Stefan Windisch, senior cash manager treasury operations at Swiss multinational healthcare company Roche.
The technical capabilities of an in-house bank might be needed to process the virtual account statement, but this depends on the setup and the use of the virtual accounts.
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