Global One has put into operation a cash management solution encompassing the Euro, US dollar and British pound. The introduction of cross-border cash pooling solutions is part of a cash management project initiated by the Global One group treasury to significantly improve the use of cash throughout Global One. The project has improved cash flow control, reduced foreign exchange exposure and bank fees, and improved interest balances for Global One, a global telecommunications provider operating in more than 65 countries. The Global One cash management solution operates Euro accounts in individual European countries. These accounts are pooled cross-border into a master account. Klaus Hartmann, Vice President and Group Treasurer of Global One said, ‘Our global cash management approach reduces the number of transactional banks used by Global One from 85 local banks to three regional banks.’ The three appointed were Banque Nationale de Paris (Europe), Deutsche Bank (AMEA), and Citigroup (Americas). These banks provide standardised cash management services and a uniform fee structure throughout their regions. Named key account managers supervise the Global One relationship and provide the contact with the Brussels-based Global One group treasury.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
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