The Royal Bank of Scotland (RBS) has been selected as primary bank with responsibility for a substantial part of the payments and collections of the Dutch ministries.
Starting from May 2009 the Dutch government will run more than 66 million transactions per year via RBS.
RBS Global Transaction Services (GTS) combines local payment and collections transactions with an international network. This was one reason why the Dutch government selected the bank as its new partner in this field, along with providing an integrated approach with electronic banking capabilities and cards. Single Euro Payments Area (SEPA) capabilities were also important, since the Dutch Government will be one of the first institutions to use SEPA products on large scale.
The new agreement was reached after a European tendering procedure and is valid for a minimum of four years and a maximum of seven years. The two parties signed the contract on Friday 20th February in Amsterdam. The implementation has started - the first ministries and state departments will transfer to RBS accounts on 1 May 2009.
Kees Hoving, Head of Transaction Services Netherlands, said: "This mandate is fantastic news for us. RBS is one of the leading banks for cash management and trade finance products. Optimising payments and collections, is extremely important for many of our clients in today's financial markets.
Great advantages can be obtained by implementing improvements. We are proud that the Dutch State has opted for the expertise of GTS and hope to continue building on our strong relationship."