BofA Expands Virtual Account Management To Companies In The U.S.
Bank of America expands its market-leading Virtual Account Management (VAM) solution to the United States, following its previous rollout in the UK, Ireland, and the Netherlands. This innovative system allows companies to open virtual accounts that enhance working capital management, enabling real-time transaction visibility and treasury efficiency. The VAM solution integrates with the CashPro® platform and supports various payment methods. Future global expansions to Europe, LATAM, and Asia are planned for 2022 and 2023, aiming to streamline treasury operations for Fortune 1000 clients.
- Expansion of VAM to the U.S. market, enhancing competitive positioning.
- Real-time visibility and efficiency in treasury operations improve client satisfaction.
- Integration with CashPro® platform facilitates easier cash management.
- Supports various payment methods, increasing usability for businesses.
- None.
Market-Leading VAM Solution Streamlines and Improves Working Capital Management
NEW YORK, June 14, 2022 /PRNewswire/ -- This month, Bank of America's market-leading Virtual Account Management (VAM) solution is coming to companies operating in the United States. The geographical expansion follows last year's addition of the Netherlands to the existing UK and Ireland capabilities. Through VAM, companies can open virtual accounts that act as sub-ledger accounts tied to a physical account1.
"Large companies today typically have a complex account structure creating challenges for real time visibility and reconciliation," said Liba Saiovici, head of Global Receivables in Global Transaction Services at Bank of America. "Our VAM solution will assist clients who wish to streamline their bank account structures and drive greater efficiency in their treasury operations and global liquidity management."
When using VAM, a treasurer can usually create a virtual account for a specific entity within 24 hours and view the transactions of the account in real time alongside transactions in other virtual accounts tied to the same physical account. Coupled with its intuitive user interface, BofA's next-generation cash management tool makes it easier for companies to achieve treasury transformation.
"Since first introducing VAM seven years ago, we've made substantial enhancements to ensure the platform's design and capabilities support a company's local treasury operations while also being globally consistent," said Fernando Iraola, co-head of Global Corporate Sales GTS and head of Latin America GTS at Bank of America. "We're pleased to bring this strategic tool to the U.S. where we have relationships with
Bank of America's VAM solution:
- Is integrated with the bank's CashPro® platform, enabling clients to move easily among other cash management functions
- Can be integrated with all major enterprise resource planning systems
- Offers self-service for account opening within 24 hours
- Supports intercompany movement of funds across Virtual Accounts for complex treasury management operations
- In the U.S., VAM will support ACH, Wire, Lockbox, Check Disbursements, In House Lock boxes, and Remote Deposit
The global rollout of VAM will continue in 2022 and 2023 with the addition of new countries in Europe, LATAM and Asia.
Backed by a team of innovators, Bank of America is a leader in treasury and transaction services, with the latest rollout of VAM being the most recent innovation. Others launched over the last year include: ACH Positive Pay on the CashPro App, Pay by Bank, CashPro Forecasting, Account Validation, Recipient Select, Complete AP, the Executive Explorer travel card and an enhanced Intelligent Receivables. Learn more about VAM and the bank's Global Transaction Services capabilities.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
"Bank of America" is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.
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Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
1 Transactions from virtual accounts reconcile funds with the physical account. Virtual accounts hold no funds, they only categorize and report transactions of the physical account. |
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SOURCE Bank of America Corporation
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