Next-generation VAM offers a single overview, flexibility and full integration into the CashPro and FX platforms
LONDON, September 09, 2021– (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 dealing with ‘they manage global operations.
“The growth of the business 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 services. of global transactions at Bank of America. “Whether companies are already operating worldwide or looking to simplify their internal structure, our VAM platform can help them optimize their treasury operations. “
New features in Bank of America’s enhanced VAM solution include:
A single global view. From a single dashboard, clients have visibility into virtual accounts in all countries with the ability to set up structures in over 30 currencies.
Flexibility. Accessible through the bank’s CashPro® platform, customers can manage virtual account structures and transactions through the new self-service user interface or through file transmission.
Digital Account Transition Made Easy. With VAM fully integrated into the bank’s CashPro® and FX platforms, customers can now take advantage of our comprehensive suite of report types, electronic payments and receipts.
“Since the introduction of VAM six years ago, we have gained extensive experience in understanding what our clients need most about virtual accounts, and we have built this improved solution to meet those needs,” said said Matthew Davies, co-head of Global Corporate GTS. Sales and responsible for GTS EMEA. “VAM has multiple use cases beyond its best known, which is receivables reconciliation. In our opinion, almost any business could benefit from its powerful capabilities. “
The improved solution is currently available in the UK, Ireland and the Netherlands. Further deployments will take place 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 individuals, small and medium businesses, and large corporations with a full range of banking, investing, asset management and financial products and services. other financial and risk management products and services. The company provides unparalleled convenience in the United States, serving approximately 66 million personal and small business customers with approximately 4,300 retail financial centers, approximately 17,000 automated teller machines and award-winning digital banking services with approximately 41 million active users, including around 32 million mobile users. Bank of America is a global leader in wealth management, investment and investment banking, and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals in the whole world. Bank of America provides industry-leading assistance to approximately 3 million small business households through a range of innovative and 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 (NYSE: BAC) shares are listed on the New York Stock Exchange.
“Bank of America” is the trade name used by certain global banking operations and global markets of Bank of America Corporation. Lending, other commercial banking, and trading of certain financial instruments are carried out on a global basis by banking subsidiaries of Bank of America Corporation, including Bank of America, NA, member of the FDIC. © 2021 Bank of America Corporation. All rights reserved.
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Journalists can contact:
Megan Pearson, Bank of America