"Huntington National Bank's connected deposits product, built in partnership with payments infrastructure provider Qolo, exemplifies the shift toward augmentation. Deepak Kapoor, Huntington's Head of Payment Products, noted, 'We quickly realized we don't have all the Lego pieces in place to build the card that we want to build, and the ledger and the virtual account provide us with that missing Lego piece that we needed.'"
"The shift toward virtual account management is not happening in isolation. Rouzbeh Rotabi, Head of Payment Products at Qolo, points to three overlapping pressures that are compressing the timeline for banks to act."
Commercial banks are under pressure from younger, digitally native corporate treasurers who demand efficient reconciliation processes. Complex business structures require streamlined management of multiple entities. Traditional banking cores are inadequate for these demands, leading banks to consider augmentation rather than core replacement. Huntington National Bank exemplifies this approach with its connected deposits product, which utilizes a virtual account structure to enhance functionality without altering the core system. Three converging forces, including demographic shifts, are accelerating the need for banks to adapt to these changes.
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