RBS wins TomTom global cash management mandate

Source: Royal Bank of Scotland

TomTom, a leading location and navigation solutions provider, has selected the Royal Bank of Scotland 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 globally, in 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, SVP Corporate Finance, TomTom stated, " 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 ERP administrations, all legal entities and all business units. Wilco Dado, Head of Netherlands, Global Transaction Services, RBS added, "Cross border cash control and improvement of interest results are key concerns for all major corporates. Also having a global structure in place is paramount for every corporate with subsidiaries abroad. This latest deal demonstrates RBS' overall GTS international cash management position in the Netherlands and the way we are helping our clients. We are delighted to be working with TomTom to help eliminate complexities of managing cash, better manage risk, and minimise costs resulting in improvements to working capital. We look forward to working with TomTom on future projects".

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