BT, one of the world’s largest telecommunications providers, 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. The mandate, which is for five years, means that BT will become the largest submitter of BACS payments in the Barclays group.
BT will utilize Barclays suite of payment and cash management solutions, and access the combined expertise of Barclays Multinational Corporate and International Trade and Cash teams.
“This is one of the most significant cash management deals that Barclays has signed and marks another important step in the development of our International Trade and Cash Solutions offering,” said Chris Grigg, chief executive of Barclays UK Business Banking. “Regulatory and technology changes are making payments and cash management services an increasing priority for companies across the globe. This deal demonstrates clearly Barclays capability to meet these new challenges on behalf of our customers and implement the most demanding of mandates.”