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AFP 2018 Blog

Uber Wins 2018 AFP Pinnacle Grand Prize with Instant Pay

Nov 5, 2018

Uber Technologies has won the AFP 2018 Pinnacle Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by Mitsubishi UFJ Financial Group, was presented Sunday at the Opening General Session of AFP 2018.

Uber Technologies’ submission focused on enhancing payments for its drivers. Uber, which previously paid drivers once a week via ACH, introduced Instant Pay, a daily, on-demand payments process via debit card. The new system actually pays drivers before riders’ funds are deposited—a decision by the company to place drivers above the bottom line.

“AFP is proud to honor Uber Technologies with the 2018 Pinnacle Award Grand Prize,” said AFP President and CEO Jim Kaitz. “Uber’s initiative is the kind of smart, innovative solution that exemplifies what the Pinnacle Award is all about.”

MUFG donated $10,000 to the charity of Uber Technologies’ choice, Meals on Wheels San Francisco, whose mission is to provide a network of services that allows seniors to live in their homes with dignity and independence as long as possible.

Ranjana Clark, Chief Transformation Officer, Head of Transaction Banking Americas, and Bay Area President for MUFG, hosted the ceremony.

“MUFG is honored to partner with the AFP in recognizing companies for their achievements in treasury and finance,” said Ranjana Clark. “Uber Technologies’ submission demonstrates how an innovative approach can transform payments and business. We congratulate Uber Technologies on receiving this year’s Pinnacle Award and we are proud to support their Bay Area charity Meals on Wheels of San Francisco.”

Uber Technologies beat out two other Pinnacle finalists—BMC Software and OpenText. These three organizations were selected as the Pinnacle finalists because their innovative solutions helped their treasury and finance operations run more effectively.