Banking · Wholesale Banking and Cash Management Services
In Wholesale Cash Management Services, what is the primary operational advantage of implementing Virtual Account Numbers (VANs) for corporate inward remittances?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It eliminates the need for Know Your Customer (KYC) verification of remitting parties.
- 2It provides unlimited deposit insurance coverage for corporate balance amounts.
- 3It enables automated identification and reconciliation of individual remitters while pooling funds into a single main account.✓
- 4It exempts incoming foreign remittances from foreign exchange regulation checks.
Correct answer
It enables automated identification and reconciliation of individual remitters while pooling funds into a single main account.
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