Uber, OpenText and BMC Software Are the Finalists for the AFP 2018 Pinnacle Award

The Association for Financial Professionals annually recognizes the leading finance groups for innovation, collaboration and results.

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Association for Financial Professionals

Sep 11, 2018, 10:07 ET

BETHESDA, Md., Sept. 11, 2018 /PRNewswire/ -- BMC Software, OpenText and Uber Technologies are finalists for the Association for Financial Professionals' 2018 Pinnacle Award. Sponsored by MUFG (Mitsubishi UFJ Financial GroupNYSE: MUFG), the Pinnacle Award, established in 1997, recognizes excellence in treasury and finance.

Finalists were selected by a jury of treasury and finance professionals. Decisions were based on the entrants' innovative solutions that helped their treasury and finance operations run more efficiently and effectively. The AFP Pinnacle grand prize winner will be announced November 4 at AFP 2018 in Chicago, November 4-7. Register by September 28 for additional savings to the AFP Annual Conference. For any press-related questions, please contact Melissa Rawak at [email protected].

"AFP is proud to honor the 2018 Pinnacle Award finalists," Jim Kaitz, AFP president & CEO said. "The treasury and finance teams at BMC Software, Open Text and Uber truly set the global standard for their peers and their profession with innovative solutions that serve their organizations as well as their customers."

MUFG will make a $10,000 donation to a charity of the winner's choice., Ranjana Clark, Chief Transformation Officer, Head of Transaction Banking Americas, and Bay Area President for MUFG and Jim Kaitz, will host the award ceremony at AFP 2018.

"MUFG is proud to sponsor the Pinnacle Awards to acknowledge innovation and achievements among treasury and finance professionals within the industry," said Ms. Clark. "MUFG supports the AFP's ongoing commitment to education and recognizing excellence in treasury and finance as exemplified by these Pinnacle Award finalists."

About the submissions:
BMC Software's entry focused on financial planning and analysis. The software maker wanted to increase sales of new software licenses and maintenance contracts. To better measure progress and help the sales team increase revenue and cross-selling opportunities, the finance team created a new metric—New Bookings vs. Renewal Bookings. The home-grown solution, called bSMART, leverages Tableau and demonstrates how BMC's finance team partners with the business to drive revenue.

OpenText's submission centered on treasury management. The company has grown rapidly through acquisitions, leading to more than 400 bank accounts in over 120 banks—many not fully integrated into the global treasury center. Moreover, manual processes dominated. In response, the treasury team launched a process that automated payments, statements and cash management; rationalized banks and accounts; and created a global cross-currency pooling structure to improve liquidity management.

Uber's submission enhanced payments for its drivers. Uber previously paid drivers once a week via ACH, which was inconvenient for users. Its new "Instant Pay" process works on demand, every day via debit card. The new process pays drivers before riders' funds are deposited—a conscious choice by the company to place employees above the bottom line.

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