The Bank of America has expanded its Virtual Account Management solutions to companies in the U.S. With this service, companies can open virtual accounts to act as sub-ledger accounts that are directly tied to physical accounts, according to a press release.
Large companies today typically have a complex account structure creating challenges for real time visibility and reconciliation," Liba Saiovici, head of global receivables in global transaction services at Bank of America, said in the release. "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."
In particular, company treasurers can create virtual accounts for a physical account and view those transactions in real time. Other features include:
- Is integrated with CashPro platform for cash management.
- Supports intercompany movement of cash.
- Will support ACH, wire, lockbox, check disbursements, in-house lock boxes and remote deposit in the U.S.
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