Treasury Today Country Profiles in association with Citi

Winners

2015 Awards Winners

All overall and highly commended winners attended the prestigious Adam Smith Awards Gala Presentation Lunch in London on Thursday 18th June. Scroll down to see all the winners

Treasury Today’s Top Treasury Team 2015, Winner, Hyundai Capital America

Treasury Today’s Top Treasury Team for 2015 are Hyundai Capital America – on learning of the award Eric Senay, Vice President and Head of Treasury said

Receiving this year’s award for Top Treasury Team is truly an honor for us at Hyundai Capital America, especially considering the premier caliber of the Adam Smith participants and the industry forum created by the Treasury Today magazine. While our young team is humbled by the recognition, it is a validation of the core belief we all share: a successful Treasury organization must earn a seat at the table helping drive sustainable business growth. To do this, we found the courage to profoundly change the Treasury function at Hyundai Capital America. We did so by assembling and developing a team capable of playing both tactically and strategically. Our collective experience has been second to none, which makes us incredibly excited to share what we’ve learned with our peers and help create more opportunities to advance the treasury function.

Winners

Treasury Today’s Top Treasury Team 2015, Winner – Jennifer Boussage, Bank of America Merrill Lynch with Eric Senay, Charley Yoon and Frank Boroch from Hyundai Capital America

Treasury Today’s Top Treasury Team 2015

Winner: Treasury Team, Hyundai Capital America

Our Top Treasury Team accolade this year goes to Hyundai Capital America (HCA) under the leadership of Frank Boroch, Director, Treasury Investor Relations. HCA embarked upon a multi-year strategic plan which mapped out a new organisational structure spanning eight domains of expertise from treasury operations, cash and bank relationship management to investor relations, governance and controls, DCM and exposure and risk management. This is a truly remarkable journey of transformation and a most worthy winner.

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Highly Commended:

SWIFT

Treasury Today Woman of the Year, Winner – Christine McCarthy, The Walt Disney Company

Treasury Today Woman of the Year

Winner: Christine McCarthy, The Walt Disney Company

This year’s Treasury Today Woman of the Year, Christine McCarthy, has demonstrated real achievement in her career whilst dedicating a significant amount of her own time to inspire younger women with the lessons she has learnt on the path to success. Our judges felt she was a true role model to other women in the world of treasury and her colleagues at The Walt Disney Company agreed: “She is a strong and inspiring leader who believes in empowering her team, while giving them guidance and support to achieve even greater success,” says Tom Staggs the company’s Chief Operating Officer.

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Highly Commended:

Dana Laidhold

Judges’ Choice, Winner – David Keswick, Kyriba, George Hoff man, PNC Bank, Alex Young, Bank of America Merrill Lynch, Forrest Vollrath and David Deranek, Health Care Service Corporation and Simon Jones, J.P. Morgan

Judges’ Choice

Winner: David T. Deranek, Health Care Service Corporation

Our judges felt the scale of projects undertaken by David and his team at HCSC warranted a most deserved winner as Judges’ Choice, given the manner in which the team had gone about responding to the challenges of the US Affordable Care Act (ACA) that went into effect in 2014. The projects span eight key areas across treasury, a remarkable effort.

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Highly Commended:

Larsen & Toubro

Best Cash Management Solution, Winner – Maria Logiopoulou, Bank of America Merrill Lynch and Matthew Clarke, Intertek Group plc

Best Cash Management Solution

Winner: Matthew Clarke, Intertek Group

This solution demonstrates an entirely new way of moving trapped cash out of China, made possible by recent changes in regulation, which could serve as a model for other global businesses. This new structure is one of the first of its kind and, combined with the RMB tranche in the syndicated loan arrangement, means Intertek is blazing a trail for others to follow.

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Highly Commended:

Dong Energy, Firmenich SA, SITA

Best Liquidity Management Solution, Winner – Richard Parkinson and Steve Hall from J.P. Morgan collecting the award on behalf of Debbie Donovan, Baker Hughes

Best Liquidity Management Solution

Winner: Debbie Donovan, Baker Hughes Inc.

The re-engineering of Baker Hughes’ global USD pool is an exceptional project due to the size, scope and implementation timeframe. This ambitious initiative significantly reduced bank accounts (more than 200 in just seven months) while increasing transparency and improving operating efficiency.

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Highly Commended:

Bunge Finance B.V., Toyota Financial Services, Flextronics

Best Working Capital Management Solution, Winner – Richard Parkinson and Bill Salada, Google

Best Working Capital Management Solution

Winner: Ronni Horrillo, Saif Ashraf and Rohit Sharma, Google

This solution uses cloud technology via a ‘dashboard’ to monitor all short-term investments for working capital cash, assist in generating accounting entries for investments, share investment information with local teams around the world and provide real-time information on investment activity to teams across treasury and tax as well as senior management.

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Highly Commended:

Hudson Advisors Europe Ltd

First Class Relationship Management, Winner – Christof Mürb, Deutsche Bank, Rando Bruns and Tim Nielsen, Merck and Marc Voelcker, J.P. Morgan

First Class Relationship Management

Winner: Rando Bruns, Merck

This solution illustrates the immense importance of long-term relationship building and trust across a broad array of relationships; particularly when the transaction relates to the largest corporate acquisition financing in Europe since the financial crisis of 2008 and the largest M&A transaction in Merck’s history.

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Highly Commended:

Brocade Communications Systems Inc, Cerner

Best Trade Solution, Winner – Irfan Butt, Bank of America Merrill Lynch, Barbara Harrison, Citi, Jose Luis Marti, Jayna Bundy, Anita Prasad, Microsoft and Roger Fleischmann, J.P. Morgan

Best Trade Solution

Winner: George Zinn, Anita Prasad, Jayna Bundy and Shreyas Kulkarni, Microsoft

This submission was the result of a conversation which began at the 2014 Adam Smith Awards Lunch in London. The culmination is a solution comprising three banks, each of which took on an equal role. It really is a uniquely collaborative solution for supply chain financing.

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Highly Commended:

Siemens Financial Services

Best Card Solution, Winner – Joy Knapp, Capita Travel and Events and Paul Markey, RBS

Best Card Solution

Winner: Joy Knapp, Capita Travel and Events

As a stand-alone product, this bespoke card solution and the sophisticated technology used, are enough to justify why it should win an award. But this is even more impressive when you consider the time frame in which the solution was implemented. Design, implementation and integration of a system of this scale, would normally take six months; but through the efficiency and skill of both parties, this groundbreaking solution was delivered within just four months.

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Highly Commended:

Ericsson

Best Financing Solution, Winner – Christy Barwick, Intellectual Ventures

Best Financing Solution

Winner: Christy Barwick, Intellectual Ventures

The structure that Intellectual Ventures has created to securitise its royalty cash flows is innovative because it is the first offering of its kind in the debt capital markets dedicated solely to the monetisation of technology-related patent royalties.

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Highly Commended:

Electricity Supply Board, General Cable, Merz Pharma Group

Best Foreign Exchange Solution, Winner – Richard Parkinson and Bill Salada, Google

Best Foreign Exchange Solution

Winner: Peter Chau, Google

Through this in-house developed solution, Google can selectively optimise the trade-off between premium cost and risk reduction based on its own particular risk appetite and market conditions across varying exposures and time horizons.

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Highly Commended:

Upwork, Emirates Global Aluminium PJSC

Best Risk Management Solution, Winner – Sebastien Jean, BNP Paribas and Wolfgang Weber, Sanofi European Treasury Center

Best Risk Management Solution

Winner: Wolfgang Weber, Sanofi European Treasury Center

Usually when one mentions risk management, one thinks interest and foreign exchange hedging. SETC is Sanofi Group In-House Bank deploying a payment factory model across the group entities and geographies with a target of worldwide coverage in more than 60 countries. SETC aimed at going beyond the role of a traditional payment factory by implementing a true Competence and Excellence Centre for payments whilst fulfilling the highest standards in terms of compliance, security and internal controls.

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Highly Commended:

Dow Corning Corporation, eBay Inc., SABMiller plc

Best in Class Benchmarking, Winner – Emirates Global Aluminium PJSC Treasury Team

Best in Class Benchmarking

Winner: Toby Shore, Emirates Global Aluminium PJSC

This company has developed a ‘Quality Index’ which has proved to be a very open and transparent way of evaluating their banks’ performance and provides feedback and plan improvement, thus going a long way in enriching its relationship with its banking counterparts.

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Harnessing the Power of Technology, Winner – Séverine Le Blévennec, Honeywell

Harnessing the Power of Technology

Winner: Séverine Le Blévennec, Honeywell

This solution leverages several technology components in an integrated fashion to provide 100% daily cash visibility on all Honeywell’s 2,000 plus bank accounts and all cash investment transactions around the globe.

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Highly Commended:

ConocoPhillips, Cigna, Novartis

One to Watch, Winner – Kostas Bikos and Marlena Luczak, Microsoft

One to Watch

Winner: Marlena Luczak, Microsoft

Microsoft WW Credit Services and WW Online Credit Services have signed a global multi-year managed service solution BPO contract that looks not only at the now but to the future. By doing that they created a credit services organisation that is capable of supporting Microsoft’s evolution to the “mobile first” and “cloud first” strategy as outlined by their CEO. The company believes the dollar savings will be greater in future years and technology enhancements together with productivity improvements will be even more evident; so certainly one to watch.

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Best in Class Treasury Solution in the Middle East, Winner – Mohd Abdulla Jaber Al Ali, Abu Dhabi Commercial Bank, Salah Mohamed Al Weswasi, Abu Dhabi Department of Finance and Shadi Abu Hijjleh, Abu Dhabi Commercial Bank

Best in Class Treasury Solution in the Middle East

Winner: Salah Mohamed Al Weswasi, Abu Dhabi Department of Finance

Not only has the Department achieved demonstrable savings together with an increase in investment yield of over $188.6m each year, but financial oversight and efficiency has been enhanced substantially.

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Highly Commended:

Basrah Gas Company, Etihad Airways

Best in Class Treasury Solution in Africa, Winner – Richard Parkinson and Jean-Michel Robiou, Google

Best in Class Treasury Solution in Africa

Winner: Ronni Horrillo, Kristen Clavel and Kwesi Buabeng, Google

To serve an emerging market like Africa with its own peculiarities, demographic dynamics and infrastructural inadequacies with consumer products require a peculiar, well thought-out and scalable payment solution. Africa has a huge market size with over one billion people and yet less than 25% have access to formal banking services and only about 3% have debit/credit cards. It is predominantly a cash society. This solution addresses this landscape.

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Highly Commended:

Kenya Airways

Highly Commended Winners 2015

Treasury Today’s Top Treasury Team, Highly Commended – Luc Janssens, Deutsche Bank, Magda Jasinska, SWIFT, Clotilde Mandonnet, J.P. Morgan and Patrick Holemans, SWIFT

Treasury Today’s Top Treasury Team

Highly Commended: Patrick Holemans, SWIFT

In just 18 months, a small team of five professionals defined and delivered an ambitious roadmap to transform SWIFT’s treasury operations, covering all key areas, including cash management, FX, payments and inter-company funding. The accomplishment of this ambitious project stands as a tribute to the power of technology and innovative thinking and is worth the recognition it has achieved here.

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Winner:

Hyundai Capital America

Treasury Today Woman of the Year, Highly Commended – Dana Laidhold, The Carlyle Group

Treasury Today Woman of the Year

Highly Commended: Dana Laidhold, The Carlyle Group

During the last decade, Dana Laidhold has built a treasury function from scratch and her management of a now mature, best-in-class treasury department, active role in the treasury community and commitment to mentoring others in the workplace receives Highly Commended recognition as a Woman of the Year in the world of treasury.

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Winner:

Christine McCarthy

Judges’ Choice, Highly Commended – Harish Barai, Larsen & Toubro

Judges’ Choice

Highly Commended: R. Govindan, Larsen & Toubro

The Knowledge Centre has successfully transformed the risk management function from a compliance requirement to that of a holistic, proactive ‘value-add’ tool. As part of this initiative, over 4,000 updates have been sent in the past year to a direct audience of over 700 people involved in key decision making roles across the firm.

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Winner:

Health Care Service Corporation

Best Cash Management Solution, Highly Commended – Lone Bang Jespersen, Nordea, Kim Japp and Anne Heidemann, Dong Energy and Rob Van Peer, Nasarius

Best Cash Management Solution

Highly Commended: Anne Heidemann and Kim Japp, Dong Energy

This project was a very comprehensive transformation at DONG Energy including implementation of SAP In-House Bank and the establishment of a streamlined payment process for 200+ legal entities at a newly established Financial Shared Service Centre.

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Winner:

Intertek

Best Cash Management Solution, Highly Commended – Séverine Bellens, BNP Paribas, Brigitta Keller, Citi, Corinne Mérat and Isabel Paris, Firmenich SA and Kristian Rygh, Nasarius

Best Cash Management Solution

Highly Commended: Philippe Farine, Firmenich SA

This is a global cash management solution covering all 28 affiliates able to join the company’s global cash pooling solution as well as the inter-company netting process. This was completed by the implementation of a ‘PoBo’ structure serving more than 20 affiliates. In less than two years, Firmenich has set up a Global In-House-Bank (IHB). This was made possible by the preliminary implementation of a single SAP instance (ECC6 version) and two new SAP modules (IHC and BCM) to run the IHB.

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Winner:

Intertek

Best Cash Management Solution, Highly Commended – Léa Rullan Borras, J.P. Morgan and Andrea Sottoriva, SITA

Best Cash Management Solution

Highly Commended: Andrea Sottoriva, SITA

SITA Management recognised the need to rationalise its operations, including cash management. The team successfully deployed a unified Strategic Financial Solution (SFS) and implemented a unique Global Finance Centre (GFC) in Prague to improve visibility into cash positions, reduce costs, better manage exotic currencies and simplify choices over settling payments (local or global bank).

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Winner:

Intertek

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Steve Hall from J.P. Morgan collects the Award on behalf of Marc Verkuil, Bunge Finance B.V.

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Marc Verkuil, Bunge Finance B.V.

Bunge’s innovative liquidity structure is a global, automated, multi-entity, multi-currency, “follow-the-sun” solution incorporating 16 currencies. In 2014, the company was among one of the first corporations to implement a cross-border sweeping arrangement in RMB (and USD) for operations in China.

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Winner:

Baker Hughes Inc.

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Darren Marco, Toyota Financial Services

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Darren Marco, Toyota Financial Services

This solution addresses some of the Securities and Exchange Commission (SEC) amendments to money market mutual funds. TFS constructed a treasury data-mart (TDM) and enhanced its client relationship management (CRM) tool to more efficiently source, diversify, and consistently provide competitive funding without jeopardising the liquidity risk profile of the business.

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Winner:

Baker Hughes Inc

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Barbara Harrison, Citi and Petra Rosenaur, Flextronics

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Petra Rosenauer, Flextronics

This is a smart multi-currency pooling solution across 84 operating accounts spanning ten jurisdictions within EMEA including Israel. The London-based overlay structure is then automatically drained in US dollars to a New York account.

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Winner:

Baker Hughes Inc

Best AP Solution, Highly Commended – Barry Clifford, Citi and Conleth Fay, Hudson Advisors Europe Ltd

Best AP Solution

Highly Commended: Conleth Fay, Hudson Advisors Europe Ltd

The solution centralises payments in the global payment factory and standardises the payments process within an updated version of the company’s ERP system. All invoices are submitted via the ERP system and are then approved – within the system – by two business approvers. The system generates and securely transmits a payment file in the ISO 20022 XML V3 format, creating a standardised payment file across all regions.

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Winner:

Google

First Class Relationship Management, Highly Commended – Brian Hunt, Brocade Communications Systems Inc.

First Class Relationship Management

Highly Commended: Angie Qian, Yun Kong and Chris Hanson, Brocade Communications Systems Inc.

The company developed an innovative process that utilises a scorecard system to quantify bank performance and a ‘wallet share’ model to track banking expenditures vs business revenues from banks. It enables the company to select banks that best provide the required services and create reward incentives based upon their performance.

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Winner:

Merck

First Class Relationship Management, Highly Commended – Bradley Butler and Tom Murphy, Bank of America Merrill Lynch and Leonard Nick, Cerner

First Class Relationship Management

Highly Commended: Beth Hull, Cerner

This entry simply demonstrates the rewards to be gained through an open and collaborative relationship between a treasury team and its chosen banking provider.

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Winner:

Merck

Best Financial Supply Chain Solution, Highly Commended – Friedemann Kirchhof, Siemens Financial Services

Best Financial Supply Chain Solution

Highly Commended: Friedemann Kirchhof,
Siemens Financial Services

This is a multi-bank supply chain finance solution which has received some very positive feedback from the company’s suppliers. Read their case study to find out how the company went about achieving it.

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Winner:

Microsoft

Best Card Solution, Highly Commended – James Lee, Citi and Virpi Salomonsson, Ericsson

Best Card Solution

Highly Commended: Ragnar Lodén, Ericsson

In total, more than 80,000 cards have been issued to Ericsson employees since the programme launched and there are currently 60,000 active cardholders. The company has achieved this by replacing 61 fragmented programmes with a single bank’s global proprietary solution.

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Winner:

Capita Travel and Events

Best Financing Solution, Highly Commended – Colm Moriarty and Stephen Walshe, Electricity Supply Board

Best Financing Solution

Highly Commended: Cathal Marley, Electricity Supply Board

This RCF refinance solution has established a solid and appropriate banking relationship group which would work for the next five years to deliver the company’s strategy while at the same time ensuring they dislodged the very high margin costs they put in place in 2013, right in the middle of the financial crisis.

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Winner:

Intellectual Ventures

Best Financing Solution, Highly Commended – Lluis A. Homs, General Cable and Robert Turner-Kerr, J.P. Morgan

Best Financing Solution

Highly Commended: Lluis A. Homs, General Cable

Saving approximately $1m p.a. in Europe on interest expense, this highly innovative, and industry-first global asset-based lending (ABL) structure has enabled treasury to consolidate banking relationships and accounts across multiple entitles in Europe.

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Winner:

Intellectual Ventures

Best Financing Solution, Highly Commended – James Binns, Deutsche Bank and Karsten Kabas, Merz Pharma Group

Best Financing Solution

Highly Commended: Karsten Kabas, Merz Pharma Group

This recently closed five year €200m multi-currency syndicated loan deal (revolving credit facility) with multiple increase and extension options (up to €500m and seven years) is not only the debut transaction of Merz but also its future backbone for the funding of further strategic development over the next years.

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Winner:

Intellectual Ventures

Best Foreign Exchange Solution, Highly Commended – Denise Aptekar, Upwork

Best Foreign Exchange Solution

Highly Commended: Elizabeth Tse, Upwork

Upwork and its bank have developed a solution that allows this company to use guaranteed FX rates and book transactions in a completely automated way that did not create additional tasks for Upwork’s Finance or other teams.

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Winner:

Google

Best Foreign Exchange Solution, Highly Commended – Toby Shore, Emirates Global Aluminium PJSC

Best Foreign Exchange Solution

Highly Commended: Toby Shore, Emirates Global Aluminium PJSC

This is a unique system implemented by the company’s treasury which captures real-time FX exposures from origin, further consolidating and aggregating with offsetting exposures to allow the exposure to be sent straight through the online dealing platform for hedge execution with auto hedge accounting in the company’s TMS/ERP.

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Winner:

Google

Best Risk Management Solution, Highly Commended – John Coon, Dow Corning Corporation

Best Risk Management Solution

Highly Commended: John Coon, Dow Corning Corporation

This counterparty risk management solution allows the treasurer to rest easier at night knowing the company’s $2bn plus in assets are allocated appropriately.

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Winner:

Sanofi European Treasury Center

Best Risk Management Solution, Highly Commended – Mark Johnson fr om Reval collecting the award on behalf of Debdatta Banerjee and Ian Gibson, eBay Inc.

Best Risk Management Solution

Highly Commended: Debdatta Banerjee, eBay Inc.

The reporting requirement into DTCC asks for a very specific format with a large number of columns that need to be filled out mandatorily. The sheer volume of trades that needed to be reported made it a very daunting task as the company would need to cross reference LEI, UTI and timestamp of execution for each trade.

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Winner:

Sanofi European Treasury Center

Best Risk Management Solution, Highly Commended – Tom Gilliam, SABMiller

Best Risk Management Solution

Highly Commended: Alan Chitty and Tom Gilliam, SABMiller plc

The building of a global function and setting up of the regional treasury centres has meant treasury continues to mitigate commodity, FX, cash, counterparty and supply chain risk in a very cost effective manner.

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Winner:

Sanofi European Treasury Center

Harnessing the Power of Technology, Highly Commended – Sarah Foster, J.P. Morgan and John Wallace, ConocoPhillips

Harnessing the Power of Technology

Highly Commended: Judy Bouchard, ConocoPhillips

ConocoPhillips’ US Bank Realignment Project was initiated in February 2014, starting with an RFP to nine banking partners. The objective of the initiative was to streamline the company’s banking structure. Treasury also was interested in reducing the number of bank accounts and in combining different payment types within a file in order to minimise the number of files processed between ConocoPhillips and its banking partner.

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Winner:

Honeywell

Harnessing the Power of Technology, Highly Commended – Mark Johnson, Reval and Andrew Bain, Cigna

Harnessing the Power of Technology

Highly Commended: Scott Lambert, Beverly Sealand, Maureen Ryan, Michael Doumaux and Rosemary Lyons, Cigna

The sheer breadth of this treasury transformation makes the project unique in the insurance industry. During the research, Cigna say they came across no other peers who were doing what they are. They created a fully-integrated solution for bank administration, cash forecasting, consistent reporting and analytics, a single payment hub with standardised wire format and are rolling it out globally to all their offices across the US, UK, Europe and Asia over four phases ending in 2016.

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Winner:

Honeywell

Harnessing the Power of Technology, Highly Commended – Brice Zimmerman, Novartis, Brigitta Keller, Citi and Philippe Crolus, Novartis

Harnessing the Power of Technology

Highly Commended: Brice Zimmermann, Novartis

The scale of the transformation is vast: from being fragmented and country-specific, Novartis now has a single global structure, 100% automation from the company-to-banks-to-clearing, standardised processes and global KPIs to monitor performance and encourage constant improvement.

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Winner:

Honeywell

Best in Class Treasury Solution in the Middle East, Highly Commended – David Aldred, Citi and Jean Vacqué, Basrah Gas Company

Best in Class Treasury Solution in the Middle East

Highly Commended: Jean Vacqué, Basrah Gas Company

Our judges felt BGC should win this award because it has created an entirely new work culture in the treasury where service and efficiency are prioritised and skills and continuous learning are prized. Moreover, while this evolved over two years, many key initiatives were introduced in 2014 which is also the year in which Iraq faced fundamental security challenges.

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Winner:

Abu Dhabi Department of Finance

Best in Class Treasury Solution in the Middle East, Highly Commended – David Aldred, Citi and Adam Boukadida, Etihad Airways

Best in Class Treasury Solution in the Middle East

Highly Commended: Adam Boukadida, Etihad Airways

This transaction is the first supply chain finance programme in the airline industry in EMEA. The solution is fully automated from end-toend for Etihad Airways, its suppliers and the chosen bank and offers complete flexibility.

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Winner:

Abu Dhabi Department of Finance

Best in Class Treasury Solution in Africa, Highly Commended – Steven Elms, Citi and Dennis Nandwa, Kenya Airways

Best in Class Treasury Solution in Africa

Highly Commended: Jane Kiboi, Kenya Airways

This solution harnesses the power of mobile technology like iPads, in order to improve the way the company interacts and processes transactions with its bankers. The solution has enabled treasury staff to input transactions on the system which the treasury manager can authorise while travelling.

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Winner:

Google