From cash to digital in the automotive industry
News article
15 October 2021
ABN AMRO
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ABN AMRO will encourage clients operating in the automotive industry to increase their use of electronic points-of-sale (PoS) and digital payments when making payments. These payments are more efficient, safer and less sensitive to money laundering risks.

ABN AMRO's basic principle will be that cash payments by automotive clients into their ABN AMRO accounts may only account for up to 10% of their revenues. The vast majority of automotive clients are well within this 10% standard, but some still have a way to go. ABN AMRO offers a range of alternatives to help clients reduce cash payments, such as points-of-sale, using Tikkie for business, and electronic transfers.

If they wish to continue to do their banking with ABN AMRO, existing clients in the automotive industry will need to observe this same 10% upper limit for cash from 1 November next year, while the standard is already in place for new clients. In other sectors, e.g. the metals trade, clients will be similarly encouraged to make digital rather than cash payments.

Over the next few months, ABN AMRO will inform its automotive industry clients in phases about the cash standard and digital payments alternatives.

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ABN Amro Bank NV published this content on 15 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 October 2021 07:21:06 UTC.