ASML, Clarion Partners and IBM Corporation are finalists for the AFP 2024 Pinnacle Awards, sponsored by Truist. Established in 1997, the AFP Pinnacle Awards recognize excellence in treasury and finance.

Finalists were selected by a jury of treasury and finance professionals. Decisions were based on forward-looking solutions that progress the efficiency and effectiveness of their organization’s treasury and financial operations.

The Grand Prize winner will be announced during AFP 2024. Truist will make a $10,000 donation to a charity of the winner’s choice.

“The finalists of the 2024 Pinnacle Awards represent some of the leading innovators in treasury and finance,” said Jim Kaitz, President and CEO of AFP. “At AFP, we are proud to recognize ASML, Clarion Partners and IBM Corporation for their unique solutions which have advanced their organizations and the treasury and finance profession at large.”

“As a champion of innovation in treasury and finance, Truist is honored to sponsor the AFP Pinnacle Awards, recognizing progress that will help shape the future of the industry,” said Chris Ward, Head of Enterprise Payments at Truist. “The 2024 AFP Payments Fraud and Control Survey, which we sponsored, underscored the need for forward-thinking solutions in an ever-evolving payments landscape. We remain committed to supporting the AFP and its members in their pursuit of excellence, and helping our clients navigate the complexities of payments with simplicity, speed and safety."

About the submissions:

ASML’s entry focused on the improvement of its FX exposure forecasting by implementing an AI-powered model that significantly increased forecast accuracy from 70% to 96% and reduced USD exposures by $25-50 million monthly. Developed through collaboration between ASML's Treasury and Data Science teams, the solution automates the forecasting process by recognizing patterns in historical data and continuously improving over time. The enhanced accuracy has made ASML's hedging program more effective, freeing up resources for higher-value activities. The AI model, based on a free, open-source Python algorithm, demonstrates the scalability and accessibility of AI solutions.

Clarion Partners’ entry focused on the complexities of managing over 1,300 bank accounts across several banking relationships. In a joint effort with IT, they developed a customized in-house system, BARS (Bank Account Request System), that streamlines account opening, tracks account information and centralizes documentation. Secure, scalable and paperless, this solution has transformed their treasury operations, reduced risks and improved efficiency.

IBM Corporation’s entry focused on linking its treasury cash management efforts into its overall enterprise performance management framework and investor reporting goals for free cash flow (FCF). In a collaborative effort, the team took a manual, complex and fractured process and standardized it into the Treasury Technology Platform. This solution provides real-time visibility, actionable insights and increased speed to action. IBM achieved over 90% error-free data, decommissioned 8+ tools, freed up thousands of personnel hours and contributed to a $1 billion increase in FCF, with ongoing enhancements expected to drive further growth.