SEB to implement virtual accounts solution

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 still a decentralized and time-consuming process. Virtual account management automates the manual task with a simple self-service solution. The increased cash visibility together with faster reconciliation of receivables allows treasurers to manage and utilise working capital more efficiently on a group-level. The aggregated cash of the entire organisation can be put to other uses such as covering short-term financing needs.

The launch of the new service forms part of SEB’s wider plans to invest in cash management services. Virtual cash management is an important part of this journey to improve customer experience and offer new and innovative value propositions.

“We are looking forward to this journey together with TietoEVRY. Virtual Accounts is a really good complement to our existing offering and it will be a great contribution as we move beyond traditional cash management products. As well as strengthening our offering in terms of flexibility and self-service, we will be able to address our clients’ needs in a more efficient way,” says Tommy Adriansson, Head of product area Liquidity at SEB.

Ilkka Korkiakoski, Head of Payments, TietoEVRY said: “Together with SEB we envision a partnership where we actively collaborate to launch new and innovative business propositions using our market-leading solution. We are excited to continue working together to further extend the virtual account management platform and to bring more value to their corporate customer segment.”

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