Union Bank Simplifies Bulk Deposits for Businesses with Virtual Deposit Card

Union Bank continues to transform digital banking for businesses with the introduction of a simplified virtual deposit card to support bulk deposits through Cash Deposit Machines (CDMs). The new facility is designed to support any business entity from corporates to SMEs and proprietors who regularly carry out high volume cash deposits during anytime of the day.  The solution offers a secure and efficient way to manage bulk cash deposit transactions with ease and control. Recognising that many businesses rely on trusted agents, the virtual deposit card enables business owners to register their representatives to carry out deposits on their behalf and allows the Bank to identify the depositors.  With no physical card required, this service enables multiple deposits with up to 200 notes per transaction.

Manisha Fernando, Vice President – Digital Banking said, “With a digital first agenda Union Bank places strong emphasis on security, controls and compliance. All nominated and authorised representatives are registered to the virtual deposit card only after a comprehensive Know Your Customer (KYC) process. The Virtual Deposit Card enables the registered agents and nominees of customers to deposit funds to the specifically designated accounts of the customer through any Union Bank CDM at any time with ease. All they need is their mobile phone. Additionally, the customer has the option to remove or add new agents at any time through a simple process, whilst the Bank has the ability to identify the depositor. We believe that this service will allow businesses to manage high volume deposits efficiently while reducing transaction delays greatly”.

Caption : Manisha Fernando, Vice President – Digital Banking

source: Adaderana