ORLANDO, Fla. -- Hyundai Capital America beat out stiff competition from global corporations to win the AFP 2016 Pinnacle Grand Prize, which recognizes excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by Wells Fargo & Co., was presented Sunday at the Opening General Session of the AFP Annual Conference.
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 model with “AI like” characteristics, 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.
“AFP is extremely pleased to honor the 2016 Pinnacle Award Grand Prize winner,” said AFP President and CEO Jim Kaitz. “The innovative solution presented by Hyundai Capital America was the kind of strategic treasury and finance initiative that should inspire its peers.”
Wells Fargo donated $10,000 to Hyundai Capital America’s charity of choice, Children’s Hospital of Orange County, California, whose mission is to nurture, advance and protect the health and well-being of children. David Trotter, executive vice president and head of Treasury Management Sales and Implementation for Wells Fargo Treasury Management hosted the ceremony.
“The Pinnacle Award celebrates new ways of thinking in treasury and finance,” said Trotter. “Wells Fargo is honored to recognize Hyundai Capital America for their ability to innovate in the face of a rapidly changing landscape, and we are pleased to honor such a worthy charity as Children’s Hospital of Orange County on their behalf.”
Hyundai Capital America was chosen from among two other Pinnacle Award finalists— World Vision International and Intellectual Ventures. Hyundai Capital America, World Vision International and Intellectual Ventures were selected as the three Pinnacle finalists because their innovative solutions helped treasury and finance operations run more effectively at their respective organizations.