In House Virtual Banking
Multinational corporates maintain plethora of accounts with multiple Banks all over the world. They find it increasingly difficult to manage their treasury efficiently and at an reasonable cost. They are very dependent on the fragmented offering from Corporate Banks that are slow to innovate.
Fennech has combined group Treasurers’ expectations with best practices from Banking, along with the agility and the innovation that a Fintech company can offer.We built a comprehensive “in House virtual Banking” platform that digitises and empowers the Corporate and commoditises the Banks.
A robust and easy to use self administered Platform as a Service (PaaS) that interacts with Corporate Banks based on correspondent banking principles. It allows group treasurers to take full control of account maintenance for their subsidiaries, operate a true payments and collections (on behalf of) factory, manage internal funding and group wide liquidity management, optimise FX and working capital.
Corporates can significantly lower their overall cost of banking, optimise their working capital, increase investment opportunities, scale operations, cut non added-value tasks, and minimise errors and fraud.
By making best use of their internal resources, they enjoy greater visibility and control, true standardisation of data and processes irrespective of their banking partners, implement superior security and controls, and better comply with regulation and compliance.
Key Features of In-house banking
Advanced Reconciliation Manager
Matches incoming payments to the underlying contractual obligations drawn from ERP, sales ledgers and other sources, whether paid net or gross. Provides enhanced reporting.
Automated and ad-hoc generation of payment and collection instructions to support “on behalf of” structures, bi- or multilateral Netting, and alerts.
A versatile, flexible, scalable and real time virtual account platform to optimise booking, controlling and reduce the number of bank accounts.
A complete suite of enriched multi bank reporting, native liquidity management and accurate forecasting tools.
Controls and Analytics
A multidimensional reporting hypercube across all transactions, allowing product controlling or real time debtor analysis.