BETHESDA, Md., Aug. 15, 2017 /PRNewswire/ -- Allstate, Hyundai Capital America and World Vision International are finalists for the Association for Financial Professionals 2017 Pinnacle Award. Sponsored by Wells Fargo & Company (NYSE: WFC), the Pinnacle Award, established in 1997, recognizes excellence in treasury and finance.
Finalists were selected based on their innovative solutions that helped their treasury and finance operations run more efficiently and effectively. The AFP Pinnacle grand prize winner will be announced October 15 at the AFP Annual Conference in San Diego, California.
Wells Fargo will make a $10,000 donation to a charity of the winner's choice. David Trotter, executive vice president and head of Treasury Management at Wells Fargo, and Jim Kaitz, AFP president & CEO, will host the award ceremony.
"AFP is pleased to honor the 2017 Pinnacle Award finalists," Kaitz said. "The treasury and finance groups at Hyundai Capital America, World Vision International and Allstate truly set the global standard for their peers and their profession with innovative solutions that help customers and fulfill their mission."
Allstate embarked on its entry as a way to offer faster and easier claim payments to customers. By switching from claim payment via checks or Automated Clearing House electronic transfers to digital payment, Allstate dramatically reduced payment time while eliminating back-office paperwork and reconciliation processing.
Hyundai Capital America's entry was its first global US dollar bond issuance, which came in response to the first rising rate environment in a decade. By expanding beyond its traditional U.S. investment grade market and going global with its issuance, HCA saved nearly $28 million in interest and generated $3 billion in funding as well as more than 100 new investors.
World Vision International's challenge was to cope with sharp swings in currency rates, and potentially significant foreign exchange losses, in the approximately 70 countries in which it operates. WVI introduced an active FX management solution that passed the savings to its country offices in the form of reduced costs—thus, helping the global humanitarian, relief and advocacy organization better fulfill its mission.
"This year's finalists brought forward-thinking ideas to the treasury function and showcased how treasury teams can deliver benefits enterprise-wide through innovative thinking," said Trotter. "Wells Fargo is honored to recognize these companies, and we are pleased to honor a worthy charity on the winner's behalf."
Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.