Royal Bank of Scotland (RBS) has launched its new internet-based, fully automated, cash concentration service, Global Liquidity Engine (GLE). This will enable customers to manage cash pooling globally by automatically moving cash to wherever it is needed at each point in time.
GLE is an automated international cash management service, which allows customers to view balances and transaction details of their accounts across the globe through one system. It allows customers to auto-initiate transfers, to move funds to wherever they are required, and provides customers with a projected close of business position available for investment each day.
GLE will also help customers improve working capital position through minimising debt on overseas accounts and maximising interest on surplus cash balances through RBS, whilst reducing idle balances on overseas accounts.
Using the bank’s extensive partner bank network, customers can avoid moving their current overseas banking proposition and can continue with their current local banking provider. This enables a rapid implementation of the RBS cash pool, which saves the customers time and cost and, most importantly, allows them to enjoy the benefits fast.
The bank is working closely with Quadriga Worldwide Ltd to engage customers in GLE. Quadriga provides entertainment and communication services to hotels via the TV and is the market leader in its field with about 100mn guests using the service annually. The company was RBS’s first customer to sign up to GLE and are pleased at the success of how this has improved the efficiency of their global account management and operation of their business.