Hyundai Capital America, Intellectual Ventures and World Vision Are Finalists for 2016 AFP Pinnacle Award
The Association for Financial Professionals annually recognize the leading finance groups for innovation, collaboration and results.
Aug 23, 2016, 10:17 ET
BETHESDA, Md., Aug. 23, 2016 /PRNewswire/ -- Hyundai Capital America, Intellectual Ventures and World Vision International are finalists for the Association for Financial Professionals 2016 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 23 at the AFP Annual Conference in Orlando, Florida.
Wells Fargo will make a $10,000 donation to a charity of the grand prize winner's choice. David Trotter, executive vice president and head of Treasury Management Sales and Implementation at Wells Fargo along with AFP are hosting the event.
"AFP is pleased to honor the 2016 Pinnacle Award finalists," Kaitz said. "The treasury and finance groups at Hyundai Capital America, Intellectual Ventures and World Vision International truly set the global standard for their peers and their profession."
"At Wells Fargo, we have the privilege of witnessing firsthand how the industry continues to evolve and develop innovative solutions that drive us and businesses forward," said Trotter. "The knowledge, experience, and expertise displayed by these finalists is a great example for all of us, and we're thrilled to honor them."
After incredibly rapid growth over the last 5 years, Hyundai Capital America's entry showcased its improved cash and liquidity forecasting model to better understand its daily cash requirements ranging from $50 million to $1.5 billion. HCA's new automated AI like model includes metrics, stress tests, variance reporting, and the ability to make funding decisions automatically. The model positively impacted HCA's P&L with lower interest expense, reduced overtime and enhanced ability to focus on strategic execution.
Intellectual Ventures, an intellectual-property licensing firm, built a market for invention that allows buyers, sellers and inventors to realize value for their ideas. IV's treasury team created a new asset class in the debt capital markets dedicated to the monetization of technology-related patent royalties. The team successfully securitized IV's fixed licensing royalty receivables, which accelerated the return of cash to investors and reduced the company's counterparty credit risk.
World Vision International was challenged by a decentralized organizational structure that made it difficult to implement and oversee a robust treasury function. As a result, WVI's treasury was unable to forecast with a reasonable degree of certainty or manage cash and risk effectively. WVI addressed its issues by deploying to the field internally developed and scalable cloud-based cash management tools, and simplifying bank relationships and account structures.
For more information in attending the AFP Annual Conference, October 23-26 in Orlando, please visit http://www.an16.afponline.org.
ABOUT AFP®
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.
SOURCE Association for Financial Professionals