BofA Unveils “VAM 2.0”, an Enhanced Virtual Account Management Solution
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.
“Since introducing VAM six years ago, we’ve acquired deep experience in understanding what our clients need most from virtual accounts, and we’ve built this enhanced solution to meet those needs,” said Matthew Davies, co-head of Global Corporate GTS Sales and head of GTS EMEA. “VAM has multiple use cases beyond its most well-known one, being receivables reconciliation. In our view, nearly every company could benefit from its powerful capabilities.”
The enhanced solution is currently available in the United Kingdom, Ireland and the Netherlands. Subsequent roll-outs will occur 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.
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