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Last spring, after more than 18 months of work, Hewlett-Packard became one of the first nonfinancial companies to use Continuous Linked Settlement (CLS), a centralized, multicurrency settlement infrastructure built to help banks simplify their vast Web of foreign exchange settlements. HP is also the only corporate to have implemented CLS on a fully automated basis. “It has been an exciting project because it is very innovative,” says Celia Chu, a vice president in HP’s treasury. “Becoming the first corporate to have this capability has been a real challenge, but it has significantly reduced our settlement risk.”

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