BHP rolls out virtual accounts with banking partner
Published: Sep 2026
Best in Class Treasury Solution in EMEA
Overall Winner
BHP Group Limited
Photo of Sarvenaz Weland, Bank of America, Marlon Singh, Claire MacKenzie, Lin Lam and Priyesh Patel, BHP Group Limited.
Marlon Singh
Head of Group Treasury Operations and Risk
Priyesh Patel
Principal of Treasury Operations
Claire MacKenzie
Treasury Operations Manager
Lin Lam
Treasury Operations
United Kingdom
BHP Group Limited, founded as the Broken Hill Proprietary Company, is an Australian multinational mining and metals corporation. BHP was established in August 1885 in Broken Hill and is headquartered in Melbourne, Victoria. The company specialises in mining and selling iron ore, copper and coal.
in partnership with
The challenge
Before implementing the new solution, BHP was managing one of the most complex global liquidity and account structures in the industry. With operations spanning EMEA, North America, LATAM and APAC, more than 90% of global flows were concentrated in a single, centralised cash pool supported by automated FX and host-to-host connectivity.
Although the model was highly efficient, BHP’s extensive footprint meant they held long-standing physical bank accounts that were deeply integrated into operational, regulatory and ERP workflows.
In Q224, BHP became one of the first corporates globally to transition to a single instance of SAP S/4HANA, going live across the organisation.
The next strategic priority was to adopt virtual accounts in the United Kingdom to streamline account structures, reduce complexity and improve reconciliation. However, the solution needed to avoid business disruption and preserve existing account numbers.
The solution
BHP implemented a groundbreaking treasury transformation by converting their existing EMEA USD bank account structure into Bank of America’s Virtual Account Management (VAM) platform in 2025.
This made BHP the first client in EMEA to migrate from a traditional physical account framework into a fully virtual one, setting a new benchmark for treasury innovation.
The solution allows BHP to convert long held physical bank accounts into virtual accounts without changing account numbers, ensuring that incoming flows, customer receivables and operational processes remain completely uninterrupted. This capability was central to why the solution was selected over other alternatives. It enabled BHP to modernise their infrastructure while maintaining total continuity across their business.
The implementation involved converting several accounts in the UK, and aligning operational workflows to the new VAM structure, and validating end-to-end processes through extensive testing.
Best practice and innovation
The judges awarded BHP for an innovative solution leveraging virtual accounts demonstrating what is feasible when a dedicated treasury team and their banking partner work together and challenge each other to bring out the best solution.
As the first global corporate in EMEA to convert an existing, fully operational physical account structure into a virtual one, BHP demonstrated exceptional leadership and commitment to modernising treasury infrastructure.
The initiative sets a new standard for global treasury transformation and continues to influence product development within Bank of America and across the industry.
Key benefits
Cost savings.
Process efficiencies.
Return on investment (ROI).
Risk mitigation.
Number of banking partners/bank accounts reduced.
Exceptional implementation (budget/time).
Future-proof solution.
Improved visibility.
Increased automation.
Increased system connectivity.
Manual intervention reduced.
The solution has fully met BHP’s objectives of modernising their treasury infrastructure, strengthening future scalability prospects and reducing operational complexity.
By converting their EMEA USD account structure to VAM, BHP achieved a streamlined account structure that preserves all existing cash flows while enabling faster, more efficient operational processes. One of the most significant benefits has been the 50% cost savings generated through reduction in physical accounts and simplified account management. The ability to open and close accounts on a self-serve basis with far fewer documentation and KYC requirements has delivered immediate efficiency gains.
Bank of America is delighted to congratulate BHP Group on this well-deserved recognition. BHP’s transformation of its global treasury structure through the adoption of Virtual Account Management represents an evolution of its treasury operations. By seamlessly transitioning from physical accounts to a virtual framework while preserving operational continuity, BHP has demonstrated strong leadership, technical expertise, and cross-functional collaboration. This initiative enhances scalability and delivers meaningful operational efficiencies. Bank of America is proud to partner with BHP on this journey as it continues to advance its treasury model.
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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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