Nordic software and services company Tieto has introduced a new virtual account management platform to enable the banks offer real-time liquidity services to customers.

Driven by the benefits of open banking initiatives, the new platform will allow the financial institutions to provide a real-time liquidity overview to their customers.

In addition, the service offers accelerated settlement and immediate availability of funds to the customers.

Tieto head of transaction banking Ilkka Korkiakoski said: “Simplification and automation are key priorities for both banks and corporates.

“For banks, VAM simplifies account structures, enabling operational efficiencies and new improved services which in turn lead to enhanced customer relationships, while corporate businesses can enhance automation and improve financial reporting and control.

“This, in turn, can facilitate faster decision making and create better long-term business results.”

Tieto has designed the virtual account management platform to offer round the clock monitoring with automated management of liquidity and transactions.

The platform, according to the company, also complies with the new regulatory requirements including Basel III and PSD2.

With a completely customisable dashboard, the Tieto platform allows virtual accounts creation and linking them with a single physical account.

These virtual accounts can be opened, closed and structured according to business operations.

All funds paid to these virtual accounts are accumulated in the physical account with their respective virtual account numbers to enable future reconciliation.

Further, the Tieto VAM platform comes with multi-bank features to show real-time data from physical bank accounts across different banks, countries as well as currencies.

Tieto noted that the platform, which acts as a configurable virtual overlay, can be deployed with minimal impact to the existing core banking systems.