Virtual Account Management (ADA transcript)
[Spoken text:]
What if you could untangle complexity?
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What if you could untangle complexity?
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Virtual Account Management
From Bank of America
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As your business grows, cash management can get more complex. New customers, suppliers and business
units can cause your bank-account structure to sprawl.
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Customers
Suppliers
Business units
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Making reconciliation and reporting complex, manual and time-consuming.
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Virtual accounts from Bank of America can help.
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Whether you’re seeking ways to simplify globally or locally, you can benefit from a fully integrated virtual account solution for payments, receipts and FX.
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Simplify globally or locally
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Fully integrated virtual solution
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A solution that’s scalable, flexible and integrates with many other core treasury activities.
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Scalable
Flexible
Integrates with other core treasury activities
[Scene description: A computer screen showing many treasury activities centralized in one place]
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Through virtual accounts, you can centralize most of your activity.
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Centralize your activity
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Keeping visibility through virtual account numbers that correspond to individual counterparties, subsidiaries and payment types.
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Counterparties
Subsidiaries
Payment types
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Your funds are easy to identify without the need for multiple physical accounts and complex sweeps.
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Your funds are easy to identify
[Scene description: Rows of treasury data on computer screen begin to expand]
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There’s essentially no limit to the amount of virtual accounts that you can create under a single physical
account.
[Scene description: A mouse clicks on a “Create Account” button on the computer screen]
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And you can open virtual accounts at any time through CashPro, in many cases with reduced documentation requirements.
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Open accounts through CashPro®
[Scene description: Rows of data are wiped from the monitor, and Receivables info flows onto the screen]
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Here’s how virtual accounts work for receivables. All receipts go into a physical bank account, as they do today.
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All receipts go into a physical bank account
[Scene description: Receivables data continues to populate on-screen]
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The sender’s unique ID is automatically included in the incoming payment file and reported to you, so you can easily identify who paid you. You aren’t dependent on the sender to provide this key piece of remittance info.
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Easily identify who paid you
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In addition, virtual accounts can help you cut down on bank fees by reducing your need for complex physical cash concentration.
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Cut down on bank fees
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Some of our multinational clients have used virtual accounts to consolidate hundreds of physical accounts
down to just a few.
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Consolidate hundreds of physical accounts
[Scene description: Computer screen reappears with data rows, which reorganize by color, and separate
report screens emerge with charts and graphs]
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After settlement, the unique IDs can make it easier to separate funds by business unit, classify transactions and create custom reports across entities, regions, functions, vendors and projects.
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Separate funds by business unit
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Create custom reports
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We can offer virtual account structures in more than 30 currencies.
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Available in more than 30 currencies
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Virtual accounts…do virtually anything you can do with a physical account, while getting extra benefits—regardless of your business size.
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Virtual Account Management
From Bank of America
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It’s part of how we’re working every day to make business easier.
[Scene description: Bank of America logo]
[Text on Screen:]
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of
the NFA.
Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
©2021 Bank of America Corporation. All rights reserved.
