NationsBank Corp. is nearing the end of its effort to consolidate cash management operations into a single office in Atlanta.
The nation's fourth-ranking banking company has grown to $118 billion in assets after a series of mergers, including the addition of C&S/Sovran Corp. of Richmond, Va., at the end of last year.
The mergers resulted in Charlotte, N.C.-based NationsBank's running cash management services from five separate locations in Georgia, South Carolina, Tennessee, Texas, and Virginia. It expects to complete the Atlanta centralization by the first quarter of 1993.
The consolidation is aimed at reducing overhead and other costs, in part through standardization of the cash management product line. Bank officials declined to estimate the cost saving from the consolidation.
|Electronic Window' Wins Out
For example, in the next few months NationsBank expects to be offering the same "electronic window" product to all its corporate cash management customers.
This product, designed mainly to give the bank's largest corporate cash management customers on-line access to account information through personal computers, will be easier and cheaper to support than the three such products currently being offered separately, NationsBank officials said.
The cash management service is based on two fault-tolerant computer systems from Stratus Computer Inc., Marlboro, Mass.
Ultimately, the computers will disseminate cash management information to the personal computers and workstations of more than 6,000 corporate clients in the United States.