SEB will launch a new virtual account management solution in partnership with Nordic software company TietoEVRY. With the new service, the bank can offer its corporate customers virtual cash management services.
The new service will support multinational corporate customers of SEB that need a fast and reliable way to centralise collection of payments and rationalise bank account structure. By centralising collection of receivables, corporate treasurers will get better visibility of the liquidity position and with a highly-automated reconciliation process, the COBO (collections on behalf of) structure will provide faster access to cash.
In many large organisations, handling customer payments is