Fintech: Southeast News

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Posted September 14, 2021

 

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.


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