Satellite Cash Pooling
If your company forms part of a multinational group, our satellite cash pooling service enables you to integrate your accounts with the group’s accounts and to manage these remotely
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Services and advantages
This service will enable you to:
- Remotely manage the accounts located in our bank, either as an extension to a domestic cash pooling structure or as a standalone solution to the information or administration needs of your accounts in Spain
- Accurately control balances and movements without leaving your usual bank, both in the case of several accounts held by the Spanish subsidiary or if there is a sole centralising account for collecting sales to Spain
- Transmit instructions for account withdrawals. Both to order a commercial payment or to arrange a centralisation transfer to your main account in your own country
With the following advantages:
- Optimisation of cash, avoiding idle balances overseas, or eliminating overdrafts on account by ordering instant hedging transfers to your account
- Our bank forms an extension of the parent company’s bank outside Spain, from which the remote accounts can be operated in our country
- A more effective cash management thanks to the standardisation of control and administration processes
- Greater transparency and centralisation of account information, enabling an overview of movements to be obtained
- Payments in Spain from Spain for your centralising accounts, thereby centralising your collections and making advantage of the prices and efficiency of Spanish inter-bank payment systems
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- Operation
- We send the account information to the bank of your choice on a daily basis using standard SWIFT messaging. At the end of the day by MT940 or by MT942 up to five times a day
- Account instructions are made through BS Online and a withdrawal application is made through a standard SWIFT MT101 message
- Fund transfers to your account are performed using the standard SWIFT MT103
- A bilateral agreement must be held with the overseas bank. We currently hold agreements to exchange remote account management instructions with financial entities in almost 30 countries. This list can be extended at your convenience
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