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