ABN AMRO introduces Access Online for the large corporates market segment
ABN AMRO is the first bank in the Netherlands to introduce internet banking for the large corporates market segment on a global scale. Through Access Online, companies can monitor all (national and international) payments online, as well as handle all daily banking transactions, such as payments, letters of credit, currency transactions and soon also deposits and cash management. This will make it easier for companies to manage their working capital, which can contribute to interest gains while capital becomes available for other investments.
CFOs, controllers and treasurers work daily to optimise the performance of their working capital. It is a major challenge to find ways to free up and effectively manage working capital that is embedded in traditional global processes. This requires, on the one hand, a good understanding of financial and logistic processes and, on the other hand, a clear overview of cash inflows and outflows and the resulting financial positions. The new integrated online banking system provides just this insight and helps companies to optimise their working capital by handling transactions swiftly.
The platform is available – as is ABN AMRO’s internet banking service for consumer clients – 24 hours a day, worldwide. It replaces the software that clients had to install on their computers. The application can be personalised: settings can be entered for each individual employee, defining which actions they are authorised to perform. And all users can customise their own start-up screens to access the information they need to do their jobs. This bypasses a great deal of manual work and saves time. Security is handled through an e-dentifier and a bank card.
Wietze Reehoorn, Board member of ABN AMRO Netherlands: “As Access Online provides opportunities to lower costs and to improve margins, it gives companies a major competitive advantage. Especially large international corporations holding positions in different countries and in different currencies will benefit from its speed and ease of use.”
ABN AMRO expects about 5,000 (international) companies to be using the new enterprise-oriented internet platform within 18 months.