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By the late 1990s, treasury operations at International Paper Co. had become very decentralized. As it built up its global business, IP treasury’s evolving infrastructure included multiple bank platforms, lots of bank accounts and some cash balances that had literally dropped below the radar screen of corporate headquarters. Inefficient? Definitely. But the potential dangers of the situation were brought home to the company a couple of years ago when a bank employee alerted it to an attempted fraudulent wire transfer.
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