The 21st century has seen technological innovation like no other before, and it is during this lifetime that people have adopted paperless cash as opposed to traditional ways of payment. It is in this form of payment that newer opportunities over the Internet have emerged with more and more companies gaining interest in selling products and services online. As a result, the banking process has been made easier by establishing virtual bank accounts which allow online payment all over the world. This kind of electronic trade has made companies like Amazon, eBay and Alibaba make a fortune out of the innovation without compromising on the trust their clients have for them.
Getting solutions for your banking needs just got better with virtual banking accounts. With these accounts, you are able to streamline operational accounts by managing payouts to multiple clients through a simple-to-use Virtual Account Management system. Through this platform, you can be sure that your transactions are safe as they are carried out through the Straight Through Processing and Straight Through Reconciliation protocols which are also integrated into the Treasury Management System.
When it comes to virtual bank accounts, you not only enjoy lower costs on your transactions, but also, most of them charge you nothing for maintaining your account. In addition, such accounts offer better interest rates to your savings account and you get to know your spending limits as they help you not to get into debt. This is easily managed since most virtual accounts come with a prepaid MasterCard which allow you to withdraw money at all ATMs worldwide. As if that is not enough, the charges on your card are either equal to or lower than the typical banker’s ATM card since most virtual accounts do not charge, if not little, fees for withdrawals.
Additionally, virtual bank accounts give you the privilege to access your money from the comfort of your mobile phone, manage end-to-end process regarding your international and domestic transactions, and help you keep up with your interest rates and FX risks wherever you are. As such, virtual banking has show reflect how global cash management is optimized, increased time efficiency as well as reducing re-key data procedures for most B2Bs.