Virtual Accounts

Virtual Accounts solution helps you transform your organization’s collection operations and improve the straight through reconciliation of receivables.

Virtual Accounts service is an innovative solution for managing and reconciling the Company’s collection accounts. The service allows the Client to create multiple virtual accounts, linked with the main collection account, and assign them to their customers for easier monitoring and reconciling of incoming payments.

Features

Key Characteristics and Benefits:

1. A great receivables mechanism for your customer’s payments with an advanced dashboard.
2. Organizing & segregating your retail workforce business from your corporate business by having different schemes for each sector.
3. Reduced reconciliation effort & Elimination of reconciliation problems.
4. Substantial savings in time & money.
5. Digital solution to avoid manual account receivables reconciliation.
6. Provides multiple virtual accounts which are linked to the collection account.
7. Having the ability of creating different schemes for each group of selected virtual accounts.
8. Downloadable Customer details which helps you in data analysis (Customer Name, Contract ID etc.,).
9. All forms of transfers possible.
10. Advanced reporting mechanism.
11. User-Friendly dashboard.

Virtual Accounts within Al Rajhi Business :

1. Create & Maintain Virtual Accounts.
2. Detailed Statements & Reports.
3. Collection Account Status.
4. Financial Inquiry.