A new European cash management service has been launched by Barclays Bank as part of a new partnership with Deutsche Bank. Barclays Euro Treasurer will utilise Deutsche Bank’s cash management infrastructure in continental Europe to provide wholesale clients with a ‘comprehensive’ service including payments, collections, electronic banking and liquidity management, as well as customer service support and streamlined documentation processes. Barclays said the service, which includes daily sweeping across continental Europe, would provide a more ‘joined-up’ solution than that offered by traditional correspondent or partner banking models. Peter Harvey, Managing Director, Larger Business at Barclays, said the announcement reinforced the bank’s ‘commitment to the cash management market’ and would ‘play an important role in attracting valuable business customers to the bank.’ Norbert Wanninger, Head of Global Cash Management at Deutsche Bank, said: ‘Through this initiative, we can capitalise on our ongoing investment in cash management infrastructure and continue to build a valuable, growing cash management business.’
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