TomTom, a location and navigation solutions provider, has selected the Royal Bank of Scotland (RBS) to provide cash management services in three regions: Europe, North America and Asia-Pacific. This allows TomTom to further enhance control and security over its cash resources across 40 countries.
RBS will enable cash pooling across TomTom’s group of global subsidiaries – minimising overdraft charges and optimising interest income on cash surpluses. The deal enhances TomTom’s central cash management function allowing all payments and receipts for all bank transactions worldwide to be routed via RBS. The new service will automate cash pooling and the centralisation of cash for the major currencies to TomTom’s corporate headquarters.
Richard Veffer, senior vice president (SVP) corporate finance, TomTom, said: “This is an important project for the TomTom Group and will allow us to save on banking costs, enhance our control over cash security and generally optimise on liquidity across the group, by further improving working capital. With a real-time view on the cash cycle, we will be able to manage risk better and make quicker and more accurate decisions on a day to day basis.”
This implementation involves the transfer to RBS of all accounts globally and will cover all enterprise resource planning (ERP) administrations, all legal entities and all business units.
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