NatWest has put together a package for Kittiwake Developments, a world leader in equipment for the analysis of fuel and oil, water sampling and machinery monitoring, that will enable them to trade more efficiently overseas.
Kittiwake Developments designs, manufactures and distributes technically advanced test kits, equipment and products for the industrial, marine and offshore markets. The products effectively measure, monitor and manage the quality of essential fluids used to maintain and operate equipment such as diesel engines, generators and compressors.
Kittiwake, who regularly conducts business with the US from the UK, came to NatWest to discuss problems they were experiencing with their current US bankers. The solution that NatWest put in place involved Kittiwake opening an account with Citizens Bank, Boston (a subsidiary of Royal Bank of Scotland), a special high interest US dollar currency account with NatWest in the UK and an electronic link between the two.
The latter is called Global Liquidity, an internet-based, fully automated, cash concentration service. By using this new system Kittiwake are able to automate the repatriation of surplus funds according to parameters matching its own particular requirements. It can now auto-initiate transfers and move funds to where they are required, thus improving overall cash management, minimising debt and maximising the ability to earn credit interest.