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CIOFirst > Blog > IT > BNY Mellon Launches Virtual Account-Based Solutions.
ITNews

BNY Mellon Launches Virtual Account-Based Solutions.

Posted by By CIOFirst Bureau 3 Min Read
BNY Mellon
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BNY Mellon announced the launch of Virtual Account Based Solutions, a new cash management solution providing clients with enhanced access to and control of cash administration activities and reporting capabilities. This marks another innovative solution designed to make money work more smoothly for treasurers globally, solving their complex payments and financing needs.

Virtual accounts are linked to physical accounts within BNY Mellon and allow incoming or outgoing payments to be reflected in real time, to maintain a virtual sub-ledger that provides a continuously updated transaction and balance history to deliver transparency into company-wide cash flows. These accounts have a unique account number accessible on external payment networks, are self-serviced and managed, and can be established to reflect a client’s business needs or ideal liquidity structure with complete flexibility.

“Clients are demanding more flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks,” said Jennifer Barker, Global Head of Treasury Services at BNY Mellon. “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.”

Also Read: Trend Micro Named a Worldwide Leader in IDC MarketScape for Modern Endpoint Security for Enterprises.

BNY Mellon‘s Virtual Account-Based solutions supports a variety of industry use cases. These include:

  • Automatically reconciling high volumes of incoming payments over USD wires and ACH networks, accurately identifying the remitter of each payment, and reconciling receivables by client, business, invoice and beyond.
  • Supporting the centralization of payment and collection functions across legal entities e.g., through Payments on Behalf Of (POBO) and Collections on Behalf Of (COBO) structures. In-House Bank structures are all supported through this solution, supporting our large corporate and institutional clients with streamlined cash management.
  • Establishing a hierarchy of virtual accounts exclusive to a specific business unit, property, division, geography, or purpose, providing a segregated view of cash and transactions without managing a large amount of physical bank accounts.
  • Supporting Financial Institution clients to segregate their (physical) Nostro accounts for use by their end corporate clients to receive Wires or ACH credits in the US.

SOURCE: PRNewsWire

Tags: BNY Mellon Fintech technology platform Virtual Account Based Solutions
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CIOFirst Bureau January 30, 2024
Previous Article Synechron Synechron Launches ‘Synechron Nexus’ AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions.
Next Article Perforce Perforce and Worksoft Partner to Deliver Comprehensive Continuous Testing Suite for Enterprise Applications.

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