Following several years of development, Bank of America has launched the next generation of its global virtual account management solution to clients in the UK, Ireland and the Netherlands. This aims to reduce the complexity of managing global operations when new bank accounts are regularly opened to support operations in different countries or subsidiaries.
The solution gives corporates visibility of virtual accounts across countries from a single dashboard, with the ability to set up structures in more than 30 currencies. Accessed through the bank’s CashPro working capital management platform, it allows them to manage virtual account structures and transactions via either a new self-service user interface or through file transmission.
Virtual account management is fully integrated into Bank of America’s working capital management and foreign exchange platforms, providing corporates with access to reporting, electronic payment and receipts.
The extent to which users of the platform will have to change their internal processes or make additional technology investments to access the solution will vary, although Liba Saiovici, head of global receivables in global transaction services, says the platform is designed with seamless integration in mind.
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