Provides Treasury Services clients greater
instant access to cash management accounts through new
technology platform
NEW
YORK, Jan. 29, 2024 /PRNewswire/ -- BNY Mellon
(NYSE: BK) announced today 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."
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.
About BNY Mellon
Established in 1784, BNY Mellon is
America's oldest bank and the first company listed on the New York
Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets
around the world through comprehensive solutions that help clients
manage and service their financial assets throughout the investment
life cycle. BNY Mellon had $47.8 trillion in assets under
custody and/or administration and $2.0 trillion in assets
under management as of December 31, 2023. BNY Mellon has been
named among Fortune's World's Most Admired Companies and Fast
Company's Best Workplaces for Innovators. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation.
Additional information is available on www.bnymellon.com. Follow us
on LinkedIn or visit our Newsroom for the latest company news.
Media Contacts:
Ryan
Wells
+1 212 298 1249
ryanw@bnymellon.com
Melissa Walters
+1 412 354 9979
melissa.walters@bnymellon.com
View original
content:https://www.prnewswire.com/news-releases/bny-mellon-launches-virtual-account-based-solutions-302045757.html
SOURCE BNY Mellon