UOB’s reconciliation solution helps you boost the efficiency of your collections. Through automation, we can streamline your reconciliation processes, giving you greater visibility over your business units. Let us help you reconcile your accounts quickly and with accuracy, so you can free up your resources to manage your business.
How do I use the Virtual Account?
How is UOB Virtual Account applicable to businesses?
Company M owns various F&B outlets. As it opens a new current account for each F&B outlet, the company has 22 accounts to monitor and manage. With UOB Virtual Account, they no longer need to go through the hassle of opening multiple current accounts, but can simply assign a Virtual Account number to each outlet. They can streamline their receivables into one single current account and yet reconcile each outlet with 100% accuracy.
Company N has started to digitise and collect its payments electronically. However, many customers do not indicate a reference when making payments, making reconciliation difficult as the company is unable to identify who the payments are from. UOB Virtual Account solution provides Company N the flexibility of assigning unique account numbers to each of its customers, allowing the company to fully automate reconciliation. This unique account number can be identical to their customer ID number for ease of setup and reconciliation.
I can deposit anytime, 24x7, free of charge!
It’s great that I can reconcile my deposits at a glance.
How do I use the Corporate Deposit Card?
A deposit-only card that lets you or your employees deposit cash into your corporate account. Each card is linked to a designated account and assigned a deposit reference, enabling you to easily track and reconcile your deposits.
The Corporate Deposit Card can be used at more than 100 UOB Self-Service Cash Deposit Machines islandwide, or over-the-counter at any UOB Branch. You can track and reconcile your cash deposits by assigning your preferred unique Deposit Reference to each card, which will be reflected in your online account statement via UOB Business Internet Banking Plus (BIBPlus) or Host-to-Host connectivity, as well as your monthly account statement.
How is UOB Corporate Deposit Card applicable to businesses?
Company K collects cash from customers at its retail outlets island-wide. With its limited manpower, the company finds it challenging for store managers to deposit cash during branch opening hours. Corporate deposit card is a convenient solution as it enables the managers to deposit the cash after branch operation hours, when the store closes.
Company L collects cash upon delivery of goods. When the sales person deposit cash at the bank, the finance team finds reconciliation challenging as there is insufficient information on who made the deposit. With the Corporate Deposit Card, each sales person is given a unique card reference that clearly appears on the bank statement each time they deposit, thus streamlining reconciliation.