Royal Bank of Scotland (RBS) has won the international cash management business of Ashworth UK Ltd, part of the Ashworth Incorporation, leading manufacturers of golfwear.

Ashworth UK is a well-recognised brand amongst the golfing fraternity. As a subsidiary of a large US company they sell golf apparel and other related products to wholesalers and golf professionals, throughout the UK, Ireland, mainland Europe and Scandinavia.

Ashworth was looking for improved visibility and control of cash held in their bank accounts across Europe that were being reported manually on an ad hoc basis and needed a cost-effective solution that automatically repatriated excess funds back to the UK.

RBS offered Global Liquidity (GL) as a solution. GL is an internet-based, fully automated cash concentration service that RBS offers to companies needing to manage their global cash pooling more effectively. It allows customers to view balances and transaction details of accounts across the globe through one system and automatic transfers can be set up so that cash is moved to wherever it is required.

Jon Camp, finance director, Ashworth comments: “The online cash management package that RBS provided has made a real difference to us. It takes out the hassle of managing cash in various countries. The flexibility of the RBS system allows us to select how often we sweep euro balances and we choose to do this monthly so we can square off positions at month-end. In addition to the automated process, we can also make ad hoc payments any time we need to move funds from our European sales offices”.

Simon Westley, international cash management, RBS adds: “When we were first introduced to Ashworth, it became immediately evident that they faced the same challenges as so many other international businesses when it comes to managing their cash generated overseas. The GL solution utilises the accounts Ashworth already have with our European partner banks and allows them to repatriate cash quickly and easily.”