{"id":536096,"date":"2021-09-09T07:03:21","date_gmt":"2021-09-09T11:03:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bofa-unveils-vam-2-0-an-enhanced-virtual-account-management-solution\/"},"modified":"2021-09-09T07:03:21","modified_gmt":"2021-09-09T11:03:21","slug":"bofa-unveils-vam-2-0-an-enhanced-virtual-account-management-solution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bofa-unveils-vam-2-0-an-enhanced-virtual-account-management-solution\/","title":{"rendered":"BofA Unveils &#8220;VAM 2.0&#8221;, an Enhanced Virtual Account Management Solution"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>BofA Unveils &#8220;VAM 2.0&#8221;, an Enhanced Virtual Account Management Solution<\/b><\/p>\n<p><i>Next Gen VAM Delivers Single Global View, Flexibility and Full Integration into CashPro and FX Platforms<\/i><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFollowing a multi-year investment, Bank of America has launched the next generation of its global Virtual Account Management (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bofaml.com%2Fen-us%2Fcontent%2Fvirtual-account-management-vam-solutions.html&amp;esheet=52488426&amp;newsitemid=20210909005138&amp;lan=en-US&amp;anchor=VAM&amp;index=1&amp;md5=f894d4e8cdb225fcfa90cb669ab655b6\">VAM<\/a>) solution to address the growing complexities that treasurers face today when managing global operations.\n<\/p>\n<p>\n\u201cBusiness growth can make cash management unnecessarily complex and opaque as new bank accounts are regularly opened to support operations in different countries or subsidiaries,\u201d said Liba Saiovici, head of Global Receivables in Global Transaction Services at Bank of America. \u201cWhether companies are already operating worldwide or seeking to simplify their internal structure, our VAM platform can help them optimize their treasury operations.\u201d\n<\/p>\n<p>\nNew features of Bank of America\u2019s enhanced VAM solution include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>A single global view<\/b>. From a single dashboard, clients have visibility of virtual accounts across countries with the ability to set up structures in 30+ currencies.\n<\/li>\n<li><b>Flexibility<\/b>. Accessed through the bank\u2019s CashPro\u00ae platform, clients can manage virtual account structures and transactions via the new self-service user interface or via file transmission.\n<\/li>\n<li><b>Digital account transition made easy<\/b>. With VAM fully integrated into the bank\u2019s CashPro\u00ae and foreign exchange platforms, clients can now take advantage of our full suite of reporting and electronic payment and receipt types.\n<\/li>\n<\/ul>\n<p>\n\u201cSince introducing VAM six years ago, we\u2019ve acquired deep experience in understanding what our clients need most from virtual accounts, and we\u2019ve built this enhanced solution to meet those needs,\u201d said Matthew Davies, co-head of Global Corporate GTS Sales and head of GTS EMEA. \u201cVAM 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.\u201d\n<\/p>\n<p>\nThe enhanced solution is currently available in the United Kingdom, Ireland and the Netherlands. Subsequent roll-outs will occur in other countries and regions throughout 2021 and beyond.\n<\/p>\n<p>\nBank of America is an award-winning provider of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bofaml.com%2Fen-us%2Fcontent%2Fglobal-financial-transaction-services.html&amp;esheet=52488426&amp;newsitemid=20210909005138&amp;lan=en-US&amp;anchor=global+transaction+services&amp;index=2&amp;md5=6fe434236f5ff3b6248b46cf85762ea8\">global transaction services<\/a>. Most recently, the bank was named Outstanding Financial Innovator \u2013 2021 Global by Global Finance magazine.\n<\/p>\n<p>\nBank of America<br \/>\n<br \/>Bank of America is one of the world\u2019s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.\n<\/p>\n<p>\n\u201cBank of America\u201d is the marketing name used by certain Global Banking and Global Markets businesses 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. \u00a9 2021 Bank of America Corporation. All rights reserved.\n<\/p>\n<p>\nFor more Bank of America news, including dividend announcements and other important information, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnewsroom.bankofamerica.com%2F&amp;esheet=52488426&amp;newsitemid=20210909005138&amp;lan=en-US&amp;anchor=Bank+of+America+newsroom&amp;index=3&amp;md5=0582b7f2fe026ca38185e0a37c97cca4\">Bank of America newsroom<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&amp;esheet=52488426&amp;newsitemid=20210909005138&amp;lan=en-US&amp;anchor=register&amp;index=4&amp;md5=70bf69e1c7f0bcbcc66523d3b3c119b6\">register<\/a> for email news alerts.\n<\/p>\n<p class=\"bwalignc\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bankofamerica.com&amp;esheet=52488426&amp;newsitemid=20210909005138&amp;lan=en-US&amp;anchor=www.bankofamerica.com&amp;index=5&amp;md5=5699194b3d0e29b1aa2bdf9afc9cfc18\">www.bankofamerica.com<\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210909005138r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210909005138\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210909005138\/en\/<\/a><\/span><\/p>\n<p>\nReporters May Contact:<br \/>\n<br \/>Megan Pearson, Bank of America<br \/>\n<br \/>Phone: +44.20.7995.6977<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:megan.n.pearson@bofa.com\">megan.n.pearson@bofa.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe United States United Kingdom North America North Carolina<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210909005138\/en\/691133\/3\/BAC_logo_%28standard%29.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>BofA Unveils &#8220;VAM 2.0&#8221;, an Enhanced Virtual Account Management Solution Next Gen VAM Delivers Single Global View, Flexibility and Full Integration into CashPro and FX Platforms LONDON&#8211;(BUSINESS WIRE)&#8211; 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. \u201cBusiness growth can make cash management unnecessarily complex and opaque as new bank accounts are regularly opened to support operations in different countries or subsidiaries,\u201d said Liba Saiovici, head of Global Receivables in Global Transaction Services at Bank of America. \u201cWhether companies are already operating worldwide or seeking to simplify their internal structure, our VAM platform can help them &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bofa-unveils-vam-2-0-an-enhanced-virtual-account-management-solution\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BofA Unveils &#8220;VAM 2.0&#8221;, an Enhanced Virtual Account Management Solution&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-536096","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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