Navigation solutions provider TomTom has selected RBS to provide cash management services across Europe, North America and Asia Pacific.
The deal will centralise TomTom’s cash management, allowing all payments and receipts for banks transactions worldwide to be routed via RBS, automating cash pooling and centralising cash for major currencies to the company’s corporate headquarters.
The aim of the partnership is for TomTom to save on banking costs, enhance control over cash security and optimise liquidity across the group.
Richard Veffer, SVP corporate finance at TomTom, comments: “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.”
Wilco Dado, head of Netherlands, global transaction services at RBS, highlights the importance for corporates with international subsidiaries to secure a global structure: “Cross-border cash control and improvement of interest results are key concerns for all major corporate. We are delighted to be working with TomTom, and we look forward to working with TomTom on future projects.”
Last Updated March 19, 2010
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