BNP Paribas Cash Management and Wachovia Bank's Treasury Services Division have signed a co-operation agreement, allowing each bank to offer cash management services to the other's corporate clients.
The contract covers account opening and management, payment and collections processing and electronic banking. The agreement also includes the provision of a treasury centralisation system, Zero Balancing Account (ZBA) for corporate clients.
The deal expands Wachovia's cash management network to France and other countries BNP Paribas' operates in, while BNP Paribas says the partnership strengthens the services offered by its subsidiary, Bank of the West, throughout the US West Coast.
As a result, the banks' corporate clients will be able to use a network of over 4500 financial centres - 2400 from Wachovia and 2100 from BNP Paribas.