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Tyco: Bronze Alexander Hamilton Award in Technology, 2006
Tyco needed visibility into $1.3 billion in letters of credit and bank guarantees spread across more than 400 subsidiaries and 100 banks. Working with Exigis, treasury launched a web portal that centralizes requests, approvals and issuance with delegation of authority and a full audit trail, used by more than 3,000 employees and 36 bank staff. In the first nine months, time from request to issuance fell by more than half. Automated bank bidding cut commissions by more than 25 basis points, saving about $2 million in fiscal 2006 and at least $1.7 million a year after.
Source: Treasury & Risk, November 2006.
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