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. 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. 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 the company's 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.