Barclays and Deutsche Bank join forces to launch pan-European cash management service
Barclays and Deutsche Bank have joined forces to launch a pan-European cash management service for large corporates called 'Barclays Euro Treasurer'.
By leveraging Deutsche's cash management infrastructure in Europe, Barclays hopes to gain a competitive advantage over the UK competition. The service includes payments, collection, electronic banking and liquidity management and allows corporates, according to Barclays, to sweep funds across Europe in to their Barclays account.
Norbert Wanninger, head of global cash management at Deutsche Bank, commented: "This partnership reflects our strategic aim of leveraging our strong corporate and institutional banking franchise in Europe to derive additional value for the bank. Through this initiative, we can capitalise on our ongoing investment in cash management infrastructure and continue to build a valuable, growing cash management business."