Treasury innovator Textron Inc. found its automation solution by collaborating with a technology provider, FXpress, which in turn was collaborating with other technology providers. The result: an artful mosaic instead of a commercial package. The reward: a functional treasury system using best-of-breed components at a fraction of the cost of a conventional workstation.

"Textron is a perfect example of the new wave of connectivity," says Donald Craddick, CEO of Westlake Village, Calif.-based BancBridge Software Systems Inc., which supplies one piece of Textron's mosaic. "Bit by bit, corporate treasuries are waking up. We'll have an exciting five to eight years as this technology catches on."

It started with a conversation with his boss a few years ago, recalls Textron assistant treasurer Robert Hemstreet, about how to create a world-class treasury at the $13.2 billion conglomerate known for its defense and intelligence, aircraft and finance businesses, based in Providence, R.I. "We knew we couldn't get there with the technology we were using," he says. An old installed treasury workstation was reliable but U.S.-centric. To reach the next level, Textron needed a global solution and new technology with the latest functionality. Hemstreet started to shop.

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