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As global uncertainty mounts, corporate treasury teams have become increasingly focused on optimizing their liquidity in every locale where they do business. “In order to [meet corporate strategic objectives], we needed to be able to access all our cash globally, wherever it was,” says Steve Propper, vice president and corporate treasurer for Corning Incorporated. “The more fungible our cash is, the more liquidity we have on a global basis.”

Optimizing a company’s utilization of cash can be challenging, however. In some cases, restrictions on cross-border transactions limit a treasury’s ability to put resources to work in another region of the world. In other cases, a significant debt load or rapid growth leads to conditions that limit visibility into or availability of the liquidity that is vital to growth and perhaps to survival when markets turn downward.

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