IBM Corporation was named the winner of the AFP 2024 Pinnacle Awards Grand Prize for excellence in treasury and finance. The Pinnacle Awards Grand Prize, sponsored by Truist, was presented during AFP 2024 in Nashville, Tenn. The Grand Prize was chosen through a vote by treasury and finance professionals.

IBM Corporation’s submission 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.

IBM Corporation’s 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.

“AFP is proud to recognize IBM Corporation with the 2024 Pinnacle Awards Grand Prize,” said Jim Kaitz, President & CEO of AFP. “IBM Corporation’s unique solution is an example of how digitization and standardization can deliver significant time, labor and cost savings.”

Truist donated $10,000 to the charity of IBM Corporation’s choice, the American Cancer Society, a leading cancer-fighting organization with a vision of ending cancer as we know it, for everyone.

"Truist is committed to empowering our clients to navigate the complexities of treasury and finance with confidence,” said Chris Ward, head of Enterprise Payments at Truist. “Our support for initiatives like the AFP Pinnacle Awards and the 2024 AFP Payments Fraud and Control Survey reflects our dedication to identifying new opportunities for our industry and delivering innovative solutions. Congratulations to IBM Corporation on their accomplishments and we are pleased to celebrate their success with a donation to the American Cancer Society.”

The runners-up for the Grand Prize were ASML and Clarion Partners. Along with IBM Corporation, these organizations were selected as finalists for their ability to demonstrate innovative solutions that advance both their organizations and the treasury and finance profession.