US-based BNY Mellon has launched a virtual account-based cash management solution to offer clients improved access to and control of cash administration activities and reporting capabilities.

The new offering will provide treasury services clients with greater instant access to cash management accounts through the new technology platform.

Besides, the virtual account-based solution will make money work more seamless for treasurers around the world, helping to solve their complex payments and financing requirements.

To maintain a virtual sub-ledger that offers a constantly updated transaction and balance history, virtual accounts are linked to physical accounts within BNY Mellon. This enables transparency into company-wide cash flows and real-time reflection of incoming or outgoing payments.

Besides, the accounts have a unique account number accessible on external payment networks. These accounts offer self-service options and can be customised to meet a client’s specific business needs or desired liquidity structure with full flexibility.

BNY Mellon treasury services global head Jennifer Barker said: “Clients are demanding more flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks.

“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.”

According to BNY Mellon, its virtual account-based solutions can support several industry use cases including the centralisation of payment and collection functions across legal entities.

In December 2023, BNY Mellon selected Behavox, an artificial intelligence (AI)-driven compliance solutions provider, to bolster its compliance programme.