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From real-time payments to straight-through processing of reconciliations, and from extended terms to emerging options such as virtual cards, payments innovation is one of the hottest topics in corporate treasury today. That explains why the competition was fierce in this year’s contest for the Alexander Hamilton Awards in Working Capital & Payments.

The companies that stood out from the crowd were those that not only pursued leading-edge technologies and ideas, but also transformed processes in an effort to standardize and centralize payments. “[Our] new process is very streamlined,” says Jeff May, former supervisor for global treasury at Amway. “Like always, there are exceptions. In certain countries, local requirements mandate that specific payments go through processes that are not our standard workflow. But for the vast majority of our payments around the world, we’ve eliminated a lot of unnecessary steps that used to waste time and cause payment delays in our legacy environment.”

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Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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