The smarter solution to manage your receivables

1 2 3 4 5 UOB Cash Management Solutions Virtual Account Service The smarter solution to manage your receivables UOB Virtual Account Service Informatio...

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UOB Cash Management Solutions

Virtual Account Service

The smarter solution to manage your receivables

UOB Virtual Account Service

Information is key to an efficient accounts receivables (AR) management process. With the UOB Virtual Account Service, you can streamline and automate your AR reconciliation accurately and efficiently. Our simple and cost-effective, end-to-end reconciliation solution enables you to quickly identify all incoming receivables from your clients regardless of the payment type and currency.

UOB Cash Management Solutions

Virtual Account Service

How does the UOB Virtual Account work? Under a virtual account arrangement, the Bank can provide a range of virtual account numbers for you to assign to your clients for their respective payments to you. Alternatively, you can provide the range of virtual account numbers which you have assigned to your clients to be set up at the Bank e.g. using client numbers to be part of the virtual account number. When your clients make payments to you through either manual or electronic payment channels, they will indicate the virtual account number as the crediting account number. Upon receiving these payments, the Bank will link the virtual account numbers to your UOB bank account for the crediting of the payments received. The respective virtual account numbers corresponding to your clients will be reflected in your bank statement enabling you to identify the receivables and ease your AR reconciliation. Client A/C: 1231114567

VA: 8801001

1

Cash Deposit 8801001

VA: 8801002

2

Cheque Deposit VA: 8801003

3

Cross-border Transfer

UOB Virtual Account

8801002

Various Delivery Channels

8801003

VA: 8801004

4

Domestic Fund Transfer

8801004

Credit UOB Account Company ABC Current Account 1231114567

Bank Statement & Transaction Reports

Example Client 1 deposits $1,000 into Company ABC’s virtual account number: 8801001

UOB links virtual account to ABC’s current account 1231114567 with UOB

ABC’s UOB account statement will show: Credit $1,000 Reference: 8801001 Remarks: Client 1

Benefits for You • Streamlined AR reconciliation leading to reduced Days Sales Outstanding (DSO). • Greater operational efficiency through increased visibility of your receivables. • Improved relationship with your clients through timely release of credit lines leading to better sales cycle. • Improved overall working capital management.

Islamic Trade Finance Solutions

Islamic Trade Finance Solutions Gain access to a breadth of specialised Shariah-compliant trade finance solutions, tailored to meet all your trading needs.

UOB Islamic Trade Finance Solutions help you meet the demands of your business and more. Whether you are an importer or exporter of goods and services, our Shariah-compliant trade services and global network are there to support your business in achieving international success.

Islamic Trade Finance Solutions

Letter of Credit-i

Accepted Bills-i

Based on Shariah principle of Wakalah.

Based on Shariah principle of Murabahah (for Import/Purchase) and Bai' al-Dayn (for Export/Sale).

Trust Receipt-i

Bank Guarantee-i

Secure your international transactions with Letter of Credit-i. It guarantees payment to a beneficiary, provided that the terms and conditions have been upheld, making it mutually beneficial to both sellers and buyers.

This service provides short-term financing specifically for imports and locally purchased goods. This financing gives businesses a means to obtain financing for manufacturing and trading activities. Based on Shariah principle of Murabahah.

Finance your imports and/or exports with Accepted Bills-i. Through financing, Accepted Bills-i improves your cashflow and allows you to fulfil your business’s working capital requirements.

Bank Guarantee-i supports your business so it can do more by acting as a guarantor for your business, making it easier to make purchases and secure business deals. Guarantees include tender, performance, credit, advance payment, customs, utilities, and security deposits. Based on Shariah principle of Kafalah.

For more information, email us at [email protected] or contact our 24-hour UOB Call Centre at: Kuala Lumpur

+6 03-26128 121

Pulau Pinang

+6 04-2401 121

Johor Bahru

+6 07-2881 121

Kuching

+6 082-287 121

Kota Kinabalu

+6 088-477 121

The material contained in this document, which may be considered advertising, is for general information only. This material may not be reproduced or disseminated in any form without the express prior written permission of United Overseas Bank (Malaysia) Bhd. Trademarks, service marks, logos and other intellectual property marks belong to their respective owners. ©2016 United Overseas Bank (Malaysia) Bhd (Company No. 271809-K). All rights reserved.

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