Following the successful implementation of SAP Fioneer Virtual Account Management (VAM), the leading Dutch multinational bank continued its broader ‘One Cash Management’ transformation journey. Building on a modern, scalable foundation, the bank sought to further enhance its cash and liquidity offering to better serve complex multinational client needs.
A key focus area was the optimisation of inter-company liquidity structures. The bank already supported Inter-Company Loan Agreements (ICLA) through a legacy platform operated within a subsidiary. However, this system sat outside the newly consolidated architecture and was no longer aligned with the bank’s strategic direction.
To maintain its market-leading position while reducing operational complexity, the bank aimed to integrate ICLA capabilities directly into its VAM platform.
As part of its ongoing IT simplification programme, the bank needed to decommission the legacy ICLA platform while ensuring continuity of service for existing clients. This required migrating ICLA capabilities into the VAM ecosystem without disrupting existing services, while ensuring that inter-company lending features could operate effectively within a virtual account structure.
At the same time, the bank sought to reduce friction for multinational clients by avoiding the need to operate across multiple platforms. Maintaining a ‘clean core’ technology strategy was also critical, hence it was important to avoid introducing unnecessary custom code that could compromise scalability or long-term system integrity.
The bank engaged Bancon to assess how its existing VAM solution could be extended to support ICLA functionality in a scalable and sustainable way. During early consultation, it became clear that the bank’s requirements were not unique. Similar needs had been observed across other institutions using the VAM solution, presenting an opportunity to take a product-led approach rather than a bespoke build.
The initiative was launched in 2023 under a co-innovation model, bringing together the bank, Bancon and SAP Fioneer to collaboratively design and deliver enhanced functionality. A key principle of the programme was ‘adopt the standard’, ensuring that new capabilities aligned with the core VAM architecture and could be incorporated into the broader product roadmap.
Bancon facilitated close collaboration between all parties to co-develop ICLA capabilities as part of the standard VAM offering, aligning new functionality with the existing product architecture to preserve system integrity and scalability. The programme followed a phased delivery approach, with five incremental releases enabling continuous validation and refinement.
Agile engagement allowed the bank’s teams to balance delivery with ongoing operational responsibilities, ensuring rapid progress while maintaining flexibility to adapt to evolving requirements. Post-implementation support was also provided to monitor system performance and ensure stability as transaction volumes increased in production.
The programme successfully extended the bank’s VAM platform to include fully integrated Inter-Company Loan Agreement capabilities.
Key outcomes included:
“This programme is a strong example of how extending core capabilities through co-innovation delivers tangible value for our clients. By integrating inter-company lending into Virtual Account Management, the bank has simplified its architecture, reduced operational overhead, and enhanced the experience for multinational clients. It also demonstrates the power of building on a strong digital foundation — extending core platforms in a way that supports long-term scalability, innovation, and growth. That’s exactly what modern cash management transformation is intended to deliver.”
Brad Jarrett, Group Director – Financial Services, Bancon
