JERSEY CITY, NJ, December 1, 2005 – Financial Sciences Corporation (FSC), a leading developer of enterprise financial systems, is pleased to announce that its client, Toyota Financial Services (Toyota), received a silver Alexander Hamilton Award in the category of Financial Information Technology for the launch of its $11 billion outstanding directcommercial paper issuance program using ASP services provided by FSC.
Treasury & Risk Management magazine developed the prestigious Alexander Hamilton Awards to celebrate innovation and technical excellence in corporate treasury and finance operations. Now in its tenth year, Alexander Hamilton Awards are coveted by organizations throughout North America.
"We are thrilled that Toyota was recognized for this noteworthy award," said Alf Newlin, managing director and co-founder of Financial Sciences Corporation. "We worked closely with Toyota on this project and are pleased that our ATOM Money Market Trading solution was instrumental to their success."
Toyota Financial Services won the Alexander Hamilton Award for its project to shift from a dealer to a direct ASP-based commercial paper program, resulting in over $500,000 per month savings in dealer commissions. Within a year of implementing the new system, the number of active investors more than quadrupled, propelling Toyota Financial Services to one of the top three direct corporate issuers of commercial paper in the United States.
ATOM Money Market Trading from FSC provided the technology backbone for Toyota’s direct CP system. As an ASP solution, Toyota relies on FSC to manage its technology operations for money market issuance. FSC’s proven expertise in global processing systems for issuers of money market securities -- it is the provider of choice for six of the top 10 largest non-bank direct issuers of short-term debt -- and its ability to deliver a cost-effective ASP solution made it a natural partner for Toyota Financial Services.