Virtual Account

Virtual accounts are sub-accounts to a physical bank account (the Header Account), maintained in the Bank’s ledger. They inherit capabilities from physical accounts while providing additional functionality. The total of all virtual accounts always equals the balance on the physical account. Each virtual account maintains its own opening and closing balance while recording specific debit and credit transactions.

Bank of London’s Virtual Account Management (VAM) solution applies to:

Segregated Accounts

Issue externally addressable Virtual IBANs to customers as an Agency or non-Agency of the Bank. Assign each customer a unique vIBAN for efficient transaction management, tracking, and reconciliation.

Operating Accounts

Corporate cash management use cases. Virtual Accounts introduce efficiency, flexibility, and visibility for treasury functions – simplifying account structures by enabling multiple Virtual Accounts under a single physical bank account, reducing administrative overhead.