BNY Mellon Introduces Virtual Account-Based Solutions

BNY Mellon announced 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.

According to the official press release, these 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."