UOB Virtual Account Service
Information is key to an efficient accounts receivables (AR) management process. With the UOB Virtual Account Service, you can streamline and automate your AR reconciliation accurately and efficiently. Our simple and cost-effective, end-to-end reconciliation solution enables you to quickly identify all incoming receivables from your clients regardless of the payment type and currency.
• Streamlined AR reconciliation leading to reduced Days Sales Outstanding (DSO).
• Greater operational efficiency through increased visibility of your receivables.
• Improved relationship with your clients through timely release of credit lines leading to better sales cycle.
• Improved overall working capital management.
How it works
How does the UOB Virtual Account work?
Under a virtual account arrangement, the Bank can provide a range of virtual account numbers for you to assign to your clients for their respective payments to you. Alternatively, you can provide the range of virtual account numbers which you have assigned to your clients to be set up at the Bank e.g. using client numbers to be part of the virtual account number.
When your clients make payments to you through either manual or electronic payment channels, they will indicate the virtual account number as the crediting account number. Upon receiving these payments, the Bank will link the virtual account numbers to your UOB bank account for the crediting of the payments received. The respective virtual account numbers corresponding to your clients will be reflected in your bank statement enabling you to identify the receivables and ease your AR reconciliation.
To find out more about the UOB Virtual Account Service, please contact your Relationship Manager or email us at TransactionBanking@UOBgroup.com.