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  • David Meunier and Jose Luis Marti, Microsoft

    Microsoft, Highly Commended, Best AP/AR Solution

    The Worldwide Online Credit Services (WOCS) team at Microsoft had a problem. With a growing volume of transactions in a business where operating costs are highly correlated with business growth, how could it contain costs while servicing the explosive growth? The problem was further compounded through having to manage a large, geographically dispersed team, which handles dozens of detailed processes and procedures. The solution to the problem was Project Andromeda – a complete re-design of WOCS’s Cloud credit and collections operations.

  • Plastic princess tiara

    Dad claims African kingdom on behalf of his ‘little princess’

    Staking a claim to your own African kingdom might be seen by some as an act of colonial imperialism. But an American father, now attempting to do precisely that, insists it is really just an act of love.

  • Renminbi trade

    The renminbi advantage

    The annual HSBC Renminbi Internationalisation Survey highlights the growing use of renminbi for international trade and its benefits. Despite this the survey also indicates that there is still work to be done to fully communicate the benefits of using the renminbi to foreign companies with operations in China.

  • Bowling ball knocking down pins

    FX hitting corporate earnings: what can treasurers do?

    A surprisingly strong euro has hit the earnings of many European and US multinationals this year. But how significant is the problem and what can corporate treasurers do about it?

  • Sand timer running out of time

    Brief encounter: the life of an interim treasurer (part one)

    With more than 25 professional accounting and treasury assignments under his belt since he started out on the interim trail back in the 1990s, Netherlands-based treasurer, Erik Teiken, has more experience of this world than most. Working with the likes of HiTec Sports International, Ikea Capital and the North Sea Group on an ‘as needed’ basis suits him well, but is interim treasury something to which anyone can turn their hand?

  • Brigitta Keller of Citi, Mike Foye and Vivek Reddy of Mondelēz collecting the Award on behalf of Tom Jack

    Mondelēz International, Winner, Best Working Capital Management Solution

    Mondelēz needed to bring transformational solutions to its Business Services Centre (EBSC). The primary goal was to release resources within the EBSC to focus on more value-adding tasks for the market organisations and to simplify its banking infrastructure. However, they faced duplications in process, complex bank set-ups using a wide variety of electronic banking (EB) platforms and associated payment formats and security controls. Their ‘One Bank’ project has delivered some impressive benefits.

  • Daniel Packham of Barclays, Anita Prasad and Jayna Bundy, Microsoft and Mohit Manaktala, Bank of America Merrill Lynch

    Microsoft, Highly Commended, Best Liquidity Management/Short-Term Investing Solution

    The optimal liquidity management and short-term investing vehicle was to implement a euro tri-party repo with Euroclear Bank as agent, with three (bank) trading counterparties. This solution greatly enhanced the Microsoft Capital Markets trading team’s ability to manage the large euro closing costs (relating to their major acquisition of Nokia’s Devices and Services unit) of over €6.5 billion. This solution highlights the best practices of having the services of a tri-party agent perform and manage the daily repo trade life cycle tasks.

  • Fabio Vespo, Citi and Giancarlo Cicuttini, Brembo

    Brembo, Winner, Best Liquidity Management/Short-Term Investing Solution

    Over the past three years, Brembo has undertaken a series of initiatives to move from a decentralised treasury structure to a centralised structure that concentrates most of its cash and liquidity management with a single global bank. It has successfully implemented physical cash pooling structures in the US, a euro cash pool in London (covering Italy, Poland, the Czech Republic, Slovakia, Germany and Spain) and a domestic RMB cash pool in China that went live at the beginning of 2014.

  • Gary Minoletti of J.P. Morgan, John Coon of Dow Corning and Pascal ter Haak of Bank Mendes Gans

    Dow Corning Corp, Highly Commended, Best Cash Management Solution

    Many treasury departments claim they can view their global cash balances and they utilise one system to manage their treasury activities, but many fall short of delivering on this statement. That is what separates Dow Corning’s cash management solution from the others. The group now operates on one system that has been deployed at both its corporate headquarters and its regional treasury offices. This provides visibility to 98%+ of its cash and 100% of its debt with the comfort of knowing where its cash is located, enabling the company to better manage its liquidity.

  • Chris Jameson, Bank of America Merrill Lynch collecting the Award on behalf of Marco Bigatti and Eleanor Hill

    Luxottica Group, Highly Commended, Best Cash Management Solution

    The existence of over 150 legal entities and more than 7,000 stores, including more than 4,000 in the US, created challenges for Luxottica in terms of managing cash flows and collections. The treasury team led the project to reduce the company’s number of counterparty banks and developed an international cash concentration system including three zero-balance account (ZBA) structures at a continental level: Europe, North America and Australia, as well as one at the local level for RMB in China.