Treasurers see the virtual reality of cash management
26 October 2016
Virtual Cash Management (VCM) is a game-changer that will shape the market for the next five to eight years. It will empower treasurers to make better financial decisions as they gain insight, access and control of their company’s cash position. ING is making this a reality.
While virtual accounts aren’t an entirely new concept, ING is taking it to the next level. With VCM treasurers can manage their company’s cash across borders using only a single bank account.
The advanced online dashboard combines a cross-border Virtual Bank Account structure with Virtual Ledger Accounts. To make it even easier to use, the self-service platform can seamlessly integrate into any treasury department’s existing IT infrastructure.
As CEO Ralph Hamers told Forbes magazine earlier this year: “We don’t invent new products, but make experiences better.”
Even before it’s launch Virtual Cash Management is creating waves. Articles have appeared in trade publications such as Treasury Today and Global Banking & Finance Review, in financial newspapers, on LinkedIn, and, of course, on our own website. We’ve also published a whitepaper on www.ingwb.com examining how VCM enables treasurers to work smarter and become strategic company decision-makers.
The reception so far is positive. The LinkedIn campaign, which is targeted specifically at treasurers, is enjoying higher than average engagement, scoring well over one-percent compared to the 0.46% norm. We are now working with three clients in a co-creation phase to fine-tune the product ahead of its launch.
There is no doubt that treasurers are ready for this next generation product that will make their jobs easier as cash and treasury management evolves with the times.