BNY Mellon Launches Virtual Account-Based Solutions
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.
- 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.
- 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.
- "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.
- BNY Mellon's Virtual Account-Based solutions supports a variety of industry use cases.