Easy Reconciliation

  • Identify incoming funds accurately and quicklyIdentify incoming funds accurately and quickly

    Identify incoming funds accurately and quickly

    UOB’s reconciliation solution helps you boost the efficiency of your collections. Through automation, we can streamline your reconciliation processes, giving you greater visibility over your business units. Let us help you reconcile your accounts quickly and with accuracy, so you can free up your resources to manage your business.

UOB Virtual Account

What customers say about UOB Virtual Account

  • Reconciliation is no longer a tedious and time-consuming task
  • Manging multiple outlets is now a breeze when I can easily identify incoming receivables from each outlet
  • We can now identify the payer with 100% accuracy

About Virtual Account

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How do I use the Virtual Account?

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Virtual Account solution streamlines and automates your accounts receivable (AR) reconciliation accurately and efficiently by enabling you to quickly identify all incoming receivables from your clients regardless of payment types and currency

  • Assign your customers virtual account numbers (you can customise the numbers or use the ones issued by UOB)
  • When your clients make payments to you, they will indicate the virtual account number as the crediting account number
  • UOB will credit the payments received to your UOB account
  • The respective virtual account numbers corresponding to your clients will be reflected in the bank statement enabling you to identify the receivables easily
  • Enjoy the ability to customise your virtual account numbers according to your business needs
  • Improve cash flow and reduce Days Sales Outstanding with streamlined AR reconciliation
  • Greater operational efficiency and control over your business through increased visibility of your receivables

How is UOB Virtual Account applicable to businesses?

Company M owns various F&B outlets. As it opens a new current account for each F&B outlet, the company has 22 accounts to monitor and manage. With UOB Virtual Account, they no longer need to go through the hassle of opening multiple current accounts, but can simply assign a Virtual Account number to each outlet. They can streamline their receivables into one single current account and yet reconcile each outlet with 100% accuracy.

Company N has started to digitise and collect its payments electronically. However, many customers do not indicate a reference when making payments, making reconciliation difficult as the company is unable to identify who the payments are from. UOB Virtual Account solution provides Company N the flexibility of assigning unique account numbers to each of its customers, allowing the company to fully automate reconciliation. This unique account number can be identical to their customer ID number for ease of setup and reconciliation.

Corporate Deposit Card

What customers say about Corporate Deposit Card

  • I can deposit anytime, 24x7, free of charge!
  • It’s great that I can reconcile my deposits at a glance.

About Corporate Deposit Card

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How do I use the Corporate Deposit Card?

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A deposit-only card that lets you or your employees deposit cash into your corporate account. Each card is linked to a designated account and assigned a deposit reference, enabling you to easily track and reconcile your deposits.

The Corporate Deposit Card can be used at more than 100 UOB Self-Service Cash Deposit Machines islandwide, or over-the-counter at any UOB Branch. You can track and reconcile your cash deposits by assigning your preferred unique Deposit Reference to each card, which will be reflected in your online account statement via UOB Business Internet Banking Plus (BIBPlus) or Host-to-Host connectivity, as well as your monthly account statement.

  • Enjoy the convenience of banking any time, without being limited to branch operating hours
  • Improve cash flows with the instant service of having the cash credited to your account immediately
  • Eliminate the risk of keeping cash at your store or premises overnight for greater peace of mind
  • Maintain confidentiality of your accounts as the account balance will not be displayed on screen or printed on the receipt
  • Greater control over your business through increased visibility of your receivables from all store outlets

How is UOB Corporate Deposit Card applicable to businesses?

Company K collects cash from customers at its retail outlets island-wide. With its limited manpower, the company finds it challenging for store managers to deposit cash during branch opening hours. Corporate deposit card is a convenient solution as it enables the managers to deposit the cash after branch operation hours, when the store closes.

Company L collects cash upon delivery of goods. When the sales person deposit cash at the bank, the finance team finds reconciliation challenging as there is insufficient information on who made the deposit. With the Corporate Deposit Card, each sales person is given a unique card reference that clearly appears on the bank statement each time they deposit, thus streamlining reconciliation.

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