BNY Mellon has launched a cash management solution, Virtual Account Based Solutions (VABS), which gives customers better access to and control over cash administration tasks as well as reporting capabilities.

This represents yet another creative solution aimed at streamlining financial operations for treasurers worldwide, meeting their intricate funding and payment requirements.

Virtual accounts at BNY Mellon are connected to physical accounts so that payments can be made or received in real time. This allows for the maintenance of a virtual sub-ledger that offers a continually updated transaction and balance history, enhancing transparency into the cash flows of the entire organisation.

The self-service and handled accounts can be set up to suit a client’s business demands or ideal liquidity structure with total freedom. Furthermore, they also feature a unique account number that can be accessed on external payment networks.

Jennifer Barker, global head of treasury services at BNY Mellon commented: “Clients are demanding more flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks. The flow of payment information is becoming just as significant as the movement of funds and with Virtual Account-Based Solutions we can provide crucial straight-through processing for reconciliation or to help segregate cash and transactions across multiple business units or entities.”

Many industry use cases are supported by the Virtual Account-Based solutions offered by BNY Mellon. These consist of:

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  • Automatically reconciling massive volumes of receiving payments via USD wires and ACH networks, properly identifying the remitter and reconciling receivables by client, business, invoice, and more;
  • Facilitating payment and collection centralisation among legal organisations, such as through POBO and COBO structures. This system supports all types of in-house bank arrangements, providing efficient cash administration to major corporate and institutional clients;
  • Creating virtual accounts for each business unit, property, division, area, or purpose to separate cash and transactions without managing several physical bank accounts, and
  • Assisting financial institution clients in segregating their Nostro (physical) accounts for their corporate clients to obtain wires or ACH credits in the US.