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 utilise Barclays suite of payment and cash management solutions, and access the combined expertise of Barclays Multinational Corporate and International Trade and Cash teams.
Chris Grigg, Chief Executive, Barclays UK Business Banking, said, "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. 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."
Les Winnister, Treasurer, BT Group, said, "Barclays immediately impressed us with the breadth of their product offering and the quality of their service proposition. The rigour they have applied to the implementation process has ensured that disruption to our business and customers has been absolutely minimal. Speed and ease of payments is a priority for us as well as our customers, both retail and corporate. We look forward to working with Barclays to continue to deliver this in future."