BANK OF AMERICA CORPORATION

(BAC)
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Delayed Nyse  -  04:00 2022-08-08 pm EDT
33.49 USD   -1.38%
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Bank of America offers virtual account management to US companies

06/30/2022 | 11:11am EDT

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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Financials (USD)
Sales 2022 93 704 M - -
Net income 2022 26 382 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,4x
Yield 2022 2,59%
Capitalization 269 B 269 B -
Capi. / Sales 2022 2,87x
Capi. / Sales 2023 2,62x
Nbr of Employees 210 000
Free-Float 99,9%
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Number of Analysts 27
Last Close Price 33,49 $
Average target price 42,25 $
Spread / Average Target 26,2%
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Managers and Directors
Brian T. Moynihan Chairman, President & Chief Executive Officer
Alastair Borthwick Chief Financial Officer
Catherine P. Bessant Vice Chairman-Global Strategy
Aditya Bhasin Chief Technology & Information Officer
Steve D. Boland Chief Administrative Officer
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