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By bringing the outsourced servicing of its Consolidated State Service in house, AT&T eliminated a significant cost and improved customer service. The project reduced foreign currency (FX) transactions from thousands to a couple dozen a month, says Tom Clemens, director of financial analysis. The solution uses a single U.K. international bank account number (IBAN) to consolidate FX payments, and a pooling structure to hold the currencies. A zero-balance account seamlessly drains the notional U.S. dollar pool daily from London to New York, Clemens explains.

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