Barclays Wins BT's UK Cash Management Mandate
BT has awarded Barclays the cash management mandate for all its UK Group operations. The mandate, which will see Barclays managing the electronic payments of BT’s 20 million UK customers, represents one of the largest domestic UK cash management deals ever awarded. Barclays will become responsible for all areas of payments and collections, liquidity management, electronic reporting and systems integration for the whole of BT’s UK Group. According to the bank, the mandate for five years means that BT will become the largest submitter of BACS payments in the Barclays group. BT will utilise Barclays’ suite of payment and cash management solutions, and access the combined expertise of Barclays’ multinational corporate and international trade and cash teams.