BofA Unveils “VAM 2.0”, An Enhanced Virtual Account Management Solution

Published: September 09, 2021

LONDON – Following a multi-year investment, Bank of America has launched the next generation of its global Virtual Account Management (VAM) solution to address the growing complexities that treasurers face today when managing global operations.

“Business growth can make cash management unnecessarily complex and opaque as new bank accounts are regularly opened to support operations in different countries or subsidiaries,” said Liba Saiovici, head of Global Receivables in Global Transaction Services at Bank of America. “Whether companies are already operating worldwide or seeking to simplify their internal structure, our VAM platform can help them optimise their treasury operations.”

New features of Bank of America’s enhanced VAM solution include:

“Since introducing VAM six years ago, we’ve acquired deep experience in understanding what our clients need most from virtual accounts, and we’ve built this enhanced solution to meet those needs,” said Matthew Davies, co-head of Global Corporate GTS Sales and head of GTS EMEA. “VAM has multiple use cases beyond its most well-known one, being receivables reconciliation. In our view, nearly every company could benefit from its powerful capabilities.”

The enhanced solution is currently available in the United Kingdom, Ireland and the Netherlands. Subsequent roll-outs will occur in other countries and regions in the near future.