More NewsTomTom Selects RBS for Cash Management Solution

TomTom Selects RBS for Cash Management Solution

TomTom, a location and navigation solutions provider, has selected the Royal Bank of Scotland (RBS) to provide cash management services in three regions: Europe, North America and Asia-Pacific. This allows TomTom to further enhance control and security over its cash resources across 40 countries.

RBS will enable cash pooling across TomTom’s group of global subsidiaries – minimising overdraft charges and optimising interest income on cash surpluses. The deal enhances TomTom’s central cash management function allowing all payments and receipts for all bank transactions worldwide to be routed via RBS. The new service will automate cash pooling and the centralisation of cash for the major currencies to TomTom’s corporate headquarters.

Richard Veffer, senior vice president (SVP) corporate finance, TomTom, said: “This is an important project for the TomTom Group and will allow us to save on banking costs, enhance our control over cash security and generally optimise on liquidity across the group, by further improving working capital. With a real-time view on the cash cycle, we will be able to manage risk better and make quicker and more accurate decisions on a day to day basis.”

This implementation involves the transfer to RBS of all accounts globally and will cover all enterprise resource planning (ERP) administrations, all legal entities and all business units.

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi