Large companies typically have a complex account structure creating challenges for real time visibility and reconciliation. According to Bank of America, the tool lets treasurers create a virtual account within 24 hours and view its transactions in real time, along with transactions connected to other virtual accounts paired with the same physical account. Following launches in the Netherlands, Ireland and the U.K., Bank of America is bringing its virtual account management (VAM) tool to the U.S.
The bank said its VAM solution can be integrated with all major enterprise resource planning systems and supports intercompany movement of funds across Virtual Accounts for complex treasury management operations. Bank of America said VAM will support ACH, wire, lockbox, check disbursements, in-house lockboxes and remote deposits. The program is set to arrive in other countries in Europe, Latin America, and Asia throughout the remainder of 2022 and into next year.