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 95% of the Fortune 1000."
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.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of
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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