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The City of Los Angeles was bogged down in fragmented, antiquated banking and cash management practices when treasurer Joya De Foor and assistant treasurer Crista Binder tackled the juggernaut spanning 42 disparate lines of business. They started by dividing city enterprises and departments by the complexity of their banking and cash flow activities. Then the project team looked at how it could rationalize, streamline and automate one after another of the parts of a $17 billion municipal business with more than $60 billion in annual cash flow, at the same time the city wrestled with the worst budget deficit in its history.

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