Montran successfully implemented its Virtual Account Number (VAN) solution for a leading public sector bank. This solution is designed to transform how corporate customers receive and manage payments.

The VAN solution facilitates Straight-Through Processing (STP) for Corporate payments, allowing banks’ corporate clients to receive funds on an instant basis via virtual accounts. With a centralized repository of customers’ Virtual Account Numbers, the system ensures real-time enquiries, customer alerts, and comprehensive MIS reporting.

Montran’s VAN module seamlessly integrates with various payment rails of the bank, including RTGS, NEFT, IMPS, and UPI, that are a part of Montran’s Transaction Processing Hub (TPH) system, for processing specific VAN payments. This feature ensures Corporate clients can manage their finances effortlessly across a wide range of channels.

Additionally, the solution supports both online and offline Corporate onboarding processes. For offline onboarding, the VAN module performs pre-defined requisite validations, whereas the online process enables Corporates to complete the validations independently, streamlining the process for faster implementation.

The key benefits of VAN include:

• Virtual Account management: End-to-end management of virtual accounts.
• MIS & Reporting: Robust MIS features based on levels, corporate codes, client codes and customer ids.
• Seamless connectivity: Integration with other payment systems such as, IMPS, UPI, NEFT and RTGS, for processing of VAN transactions.
• Account mapping: Facility to map multiple accounts to Corporate and Dealer codes.
• Dealer Bulk Upload facility: Facility for bulk uploads through free format codes.

Montran’s VAN solution brings greater efficiency, transparency, and speed to the bank’s corporate customers, reinforcing our commitment to providing cutting-edge payment solutions.