Citizens Financial Launches Multi-bank Cash Concentration Solution
Citizens Financial has launched an initiative to offer multi-bank cash concentration (MBCC), a fully automated global multi-bank liquidity management solution that sweeps surplus funds held at third-party banks to a designated Citizens Bank or Charter One account.
MBCC accommodates customers’ needs to maintain local bank relationships across the globe for particular localised services, while optimising the potential yield from liquidity consolidated with a domestic concentration bank. Citizens Financial is the only regional bank in the United States to offer this type of service.
“MBCC illustrates how our domestic customers benefit from the global reach of RBS in Asia, Europe and the Americas,” said Phillip Lindow, head of global treasury and investment management, The Royal Bank of Scotland Group (RBS). “MBCC can be structured based on company requirements relative to the frequency and amount of funds that will be transferred to support customers’ own tax strategies. MBCC is also available for concentrating cash on combined balances, meaning customers can manage account balances not only at an individual account level, but also for grouped accounts.”