BofA Expands Digital Account Control To Corporations In The U.S.

Financial institution of The us’s market-leading Digital Account Control (VAM) answer is coming to firms working in america. The geographical enlargement follows final yr’s addition of the Netherlands to the prevailing UK and Eire functions. Via VAM, firms can open digital accounts that act as sub-ledger accounts tied to a bodily account.

“Huge firms these days generally have a posh account construction growing demanding situations for actual time visibility and reconciliation,” mentioned Liba Saiovici, head of International Receivables in International Transaction Products and services at Financial institution of The us. “Our VAM answer will lend a hand purchasers who need to streamline their checking account buildings and force better potency of their treasury operations and international liquidity control.”

When the usage of VAM, a treasurer can in most cases create a digital account for a selected entity inside 24 hours and examine the transactions of the account in actual time along transactions in different digital accounts tied to the similar bodily account. Coupled with its intuitive person interface, BofA’s next-generation money control software makes it more straightforward for corporations to succeed in treasury transformation.

“Since first introducing VAM seven years in the past, we’ve made really extensive improvements to make sure the platform’s design and functions give a boost to an organization’s native treasury operations whilst additionally being globally constant,” mentioned Fernando Iraola, co-head of International Company Gross sales GTS and head of Latin The us GTS at Financial institution of The us. “We’re happy to convey this strategic software to the U.S. the place we have now relationships with 95% of the Fortune 1000.”

Financial institution of The us’s VAM answer:

• Is built-in with the financial institution’s CashPro® platform, enabling purchasers to transport simply amongst different money control purposes
• May also be built-in with all primary endeavor useful resource making plans techniques
• Provides self-service for account opening inside 24 hours
• Helps intercompany motion of budget throughout Digital Accounts for complicated treasury control operations
• Within the U.S., VAM will give a boost to ACH, Twine, Lockbox, Take a look at Disbursements, In Space Lock packing containers, and Faraway Deposit

The worldwide rollout of VAM will proceed in 2022 and 2023 with the addition of recent nations in Europe, LATAM and Asia.

Sponsored by way of a group of innovators, Financial institution of The us is a pace-setter in treasury and transaction products and services, with the most recent rollout of VAM being the latest innovation. Others introduced during the last yr come with: ACH Certain Pay at the CashPro App, Pay by way of Financial institution, CashPro Forecasting, Account Validation, Recipient Choose, Entire AP, the Government Explorer trip card and an enhanced Clever Receivables. Be told extra about VAM and the financial institution’s International Transaction Products and services functions.

Supply: Financial institution of The us