BNY Mellon has launched cash management technology which gives customers access to and control of cash administration and reporting capabilities.

Virtual Account Bases Solutions allows virtual accounts to be linked to physical accounts within BNY Mellon and enable payments to be reflected in real time.

The accounts are aimed at treasury services clients and have a unique account number accessible on external payment networks. They can be set up to reflect a client’s business needs or ideal liquidity structure with their flexibility requirements.

BNY Mellon said that the technology can support a number of industry use cases including automatically reconciling high volumes of incoming payments, identifying the remitter of each payment, and reconciling receivables.

"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.”

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