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BofA Unveils "VAM 2.0", an Enhanced Virtual Account Management Solution
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Bank of America has launched an enhanced global Virtual Account Management (VAM) solution after multi-year investments, aimed at simplifying cash management complexities for treasurers. The new features include a single global view across 30+ currencies, flexibility through its CashPro platform, and easy digital account transitions. Currently available in the UK, Ireland, and Netherlands, the VAM solution will roll out to more regions in 2021 and beyond, enhancing clients' treasury operations.
Positive
Launch of enhanced global VAM solution aimed at simplifying cash management.
New features like single global view across multiple currencies and flexibility in managing accounts.
Full integration with CashPro and FX platforms for improved reporting and transaction handling.
Strong client base with potential for significant operational benefits.
Negative
None.
Next Gen VAM Delivers Single Global View, Flexibility and Full Integration into CashPro and FX Platforms
LONDON--(BUSINESS WIRE)--
Following a multi-year investment, Bank of America has launched the next generation of its global Virtual Account Management (VAM) solution to address the growing complexities that treasurers face today when managing global operations.
“Business growth can make cash management unnecessarily complex and opaque as new bank accounts are regularly opened to support operations in different countries or subsidiaries,” said Liba Saiovici, head of Global Receivables in Global Transaction Services at Bank of America. “Whether companies are already operating worldwide or seeking to simplify their internal structure, our VAM platform can help them optimize their treasury operations.”
New features of Bank of America’s enhanced VAM solution include:
A single global view. From a single dashboard, clients have visibility of virtual accounts across countries with the ability to set up structures in 30+ currencies.
Flexibility. Accessed through the bank’s CashPro® platform, clients can manage virtual account structures and transactions via the new self-service user interface or via file transmission.
Digital account transition made easy. With VAM fully integrated into the bank’s CashPro® and foreign exchange platforms, clients can now take advantage of our full suite of reporting and electronic payment and receipt types.
“Since introducing VAM six years ago, we’ve acquired deep experience in understanding what our clients need most from virtual accounts, and we’ve built this enhanced solution to meet those needs,” said Matthew Davies, co-head of Global Corporate GTS Sales and head of GTS EMEA. “VAM has multiple use cases beyond its most well-known one, being receivables reconciliation. In our view, nearly every company could benefit from its powerful capabilities.”
The enhanced solution is currently available in the United Kingdom, Ireland and the Netherlands. Subsequent roll-outs will occur in other countries and regions throughout 2021 and beyond.
Bank of America is an award-winning provider of global transaction services. Most recently, the bank was named Outstanding Financial Innovator – 2021 Global by Global Finance magazine.
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.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email news alerts.
