BT Group has selected ABN AMRO as its European cash management provider. Under the terms of the four-year contract, ABN AMRO will provide primary banking services, including account, payment and collection services, across BT’s operations in 17 EMEA countries: Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Luxembourg, The Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden and Switzerland. The structure also includes automated, cross border cash concentration of euro flows to a single account, allowing BT’s treasury to manage short-term liquidity efficiently, minimising transaction and funding costs. Account and transaction information is reported to BT via ABN AMRO’s electronic banking systems. Implementation of the new structure is reportedly underway, and the first transactions have already been processed.
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