Barclays has been awarded a cash management mandate with BT covering all of the telecoms titan's UK group operations. The deal, under which Barclays will manage the electronic payments of BT's 20 million UK customers, represents one of the largest domestic UK cash management deals ever awarded.
Under the terms of the five-year agreement, 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 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, commented Chris Grigg, chief executive for Barclays’ UK business banking division.