Business growth can make cash management unnecessarily complex and opaque. Virtual accounts can help you take control of your cash. Whether you’re already operating worldwide or seeking simplification locally, our VAM solution can help structure your data to reflect your needs.
Virtual Account Management (VAM)
A smarter way to optimize your account structure
What are virtual accounts?
- Virtual accounts are sub-ledger accounts that tie to a physical account
- All transactions reconcile funds with the physical account
- Virtual accounts hold no funds—they only categorize and report transactions in the physical account
- VAM can enable you to improve transparency and streamline reconciliation of day-to-day transactions
- It can help consolidate accounts, drive centralization, reduce costs and aid liquidity management
- Its flexibility can help you address key working capital needs and integrate with all major Enterprise Resource Planning (ERP) systems to help transform operations
Ways to benefit
- Flexible cash management: Boost cash flow across your business
- Liquidity: Reduce your reliance on sweeps
- Risk management: Better understand and manage FX risk
- Account simplification: Streamline collection and disbursement of funds
- Operational efficiency: Eliminate manual receivables reconciliation
- Single portal: Get self-service access through CashPro®
- Global reach: Set up virtual account structures in more than 30 currencies
Get started today
Let us show you how we can help optimize your account structure. Reach out to your BofA treasury officer to learn more.
Note: All transactions reconcile funds with the physical account. Virtual accounts hold no funds, they only categorize and report transactions of the physical account.