Corporate TreasuryBusiness PartnershipRBI selects ION Treasury as vendor for virtual account management

RBI selects ION Treasury as vendor for virtual account management

ION Treasury’s ‘Reval’ will be RBI’s software of choice to help fulfil the needs of their corporate clients.

Raiffeisen Bank International (RBI) has selected ION Treasury’s Reval Treasury Services to help bring to market new products like virtual account management (VAM) for its corporate customers.

Head of Cash Management at RBI, Susan Prager said: “Our longstanding relationship with ION and Reval made them the natural choice to deliver virtual account management to our customers. ION is a proven partner who can guarantee a fast time-to-market, integrate with our existing IT infrastructure, and provide a state-of-the-art user interface. What’s more, ION has a proven track record of delivering on time and on budget.”

The CEO of ION Treasury, Rich Grossi also stated: “We’re delighted to continue our partnership with RBI. For RBI’s clients, our solution will automate the bank reconciliation process directly in their ERP systems. It will also provide flexible, self-service options, automate manual processes, and reduce costs.”

Virtual account management

Virtual account management (VAM) allows for the centralisation, standardisation and simplification of financial accounts, allowing treasurers to shift into a more strategic role. VAM helps treasurers adapt to changing market conditions and new regulatory forces by allowing them to reconfigure virtual accounts and sub-ledgers to the business’s needs.

ION Treasury’s Reval Treasury Services was designed for corporate banking and provides cash concentration, interest calculation, cash visibility and forecasting and virtual account management. It was designed to compliment a bank’s exsisitng corporate services. Reval also sources and validates independent market data from multiple providers for over 800 curves a day, while also accounting for complex financial instruments and hedging activities.

Based in Austria, RBI is a corporate and investment and its home markets include Central and East Europe (CEE). The bank operates in 13 CEE countries servicing 16.5 million customers through 2,100 outlets. As of September 2019, RBI has a balance sheet of € 150.8 billion.

ION provides trading and workflow automation software to corporations, banks, and government institutions.

 

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