ABN Amro has introduced a new Internet banking service called Access Online, targeted at its international corporate market segment.

The Dutch bank says it expects thousands of its customers to be using the service in the coming months.

L/C functionality

The benefits of Access Online according to ABN Amro are that companies can monitor all national and international payments online.

Companies can also handle all routine banking transactions, including letters of credit, payments, and currency transactions. In the near future the service will also include deposits and cash management facilities.

Competitive advantage

The bank claims its new service will make it easier for companies to manage their working capital, thus potentially contributing to interest gains, because Access Online allows for a greater appreciation of cash flow dynamics and speedier transactions.

ABN Amro said it expects about 5,000 companies globally to be using the new platform within 18 months.

Benefits

Access Online will provide companies a major competitive advantage because it provides "opportunities to lower costs and to improve margins," according to ABN Amro board member Wietze Reehoorn.

The service will especially benefit large international corporations holding positions in different countries and in different currencies he adds.

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