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 Follow us on LinkedIn or visit our Newsroom for the latest company news.

Media Contacts:
Ryan Wells
+1 212 298 1249

Melissa Walters
+1 412 354 9979


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