BNP Paribas is proposing to launch its Virtual Account Management platform with pilot corporates in July 2020. The bank already has a Virtual Account solution that is live in the form of IBAN references to support smart funds allocation and funds segregation. It is now going to offer a dedicated module to fully unleash the benefits of Virtual Solutions, thereby supporting outgoing flows. The bank hopes that the platform can bring immense value to corporates by helping them smoothly integrate virtual accounts within their payment factory and in-house bank module. This will help boost their level of centralization by managing the transactions of their affiliates centrally, with easy and smooth identification of the flows.
