SAN FRANCISCO and AUSTIN, Texas, August 7, 2001
-- Visa U.S.A. today announced a partnership with Works, Inc., a leading
provider of web-based procurement applications, to deliver a solution that will
revolutionize the way midsize companies manage their spending. Together, Visa
and Works will deliver a unique feature called Active Card Control™ (ACC),
which expands the control capabilities of traditional commercial cards. This
innovative solution gives midsize companies the flexibility to choose card
controls most beneficial to their business, including the ability to dynamically
control and manage their Visa commercial card spending through the Web. In
addition, it will give companies web access to daily card transaction data,
greatly enhancing visibility into spending and streamlining backoffice functions
such as reconciliation and end-of-month closings.
How the Active Card Control Feature Works
The ACC feature gives companies the ability to use the Works Procisa™ procurement application to customize controls on Visa commercial cards for individual employees and require pre-approval, by purchase type and dollar amount, of purchases before they are made with the card. After an employee's purchase request is routed and approved through the Procisa™ application, the card controls are adjusted instantly, increasing spending limits to allow for the designated purchase. Once the transaction is completed, the card is automatically reset to its normal limits. This gives companies the ability to quickly get their employees the goods and services they need to do their jobs, while ensuring that spending is in-line with corporate policies.
An important segment of US businesses, middle market companies currently spend more than $2.8 trillion in procurement of goods and services annually. CFOs are challenged with finding tools that can help them better manage this spending activity. Visa-Works partnership is designed to help companies meet this challenge by giving them a solution to manage the entire buying process - from requisition, approval, reconciliation, reporting to payment.
"By linking the Procisa application with Visa and its member banks, we are giving midsize companies greater control over and insight into their spending," said Bo Holland, president and CEO of Works, Inc. "At the same time, we're leveraging Visa's extensive merchant network to solve one of the principal challenges facing companies using procurement technology - how to provide order, invoice and payment integration with millions of Visa merchants."
"Our partnership with Works creates a new and powerful procurement solution for the middle market," said Michael L. Dreyer, senior vice president of Commercial Solutions, Visa U.S.A. "This streamlined payment approach is a major step forward for electronic procurement."
"We believe a procurement solution like the Works Procisa application is one of the few technologies that can deliver 'quick hit' savings for companies," said Randy Cochran, Partner, Deloitte & Touche Management Solutions and Services. "Combining these savings benefits with those of Visa commercial cards will give midsize companies an unprecedented level of expense control, something no other vendor can offer."
Visa and Works are currently working with Visa's Member financial institutions to deliver the product to their corporate customers.
About Visa U.S.A.
Visa is the world's leading payment brand and largest consumer payment system, enabling banks to provide their consumer and merchant customers with the best way to pay and be paid. More than 14,000 U.S. financial institutions rely on Visa's processing system, VisaNet, to facilitate over $810 billion in annual transaction volume - including more than half of all Internet payments - with virtually 100 percent reliability. U.S. consumers carry more than 353 million Visa-branded smart, credit, commercial, stored value and check cards, accepted at approximately 22 million locations worldwide. Visa has long led the industry in developing payment security standards, and has been named the most trusted payment brand online. Visa's people, partnerships, brand and payment technology are helping to create universal commerce - the ability to safely conduct transactions anytime, anywhere and by any device. Please visit www.visa.com for additional information.
How the Active Card Control Feature Works
The ACC feature gives companies the ability to use the Works Procisa™ procurement application to customize controls on Visa commercial cards for individual employees and require pre-approval, by purchase type and dollar amount, of purchases before they are made with the card. After an employee's purchase request is routed and approved through the Procisa™ application, the card controls are adjusted instantly, increasing spending limits to allow for the designated purchase. Once the transaction is completed, the card is automatically reset to its normal limits. This gives companies the ability to quickly get their employees the goods and services they need to do their jobs, while ensuring that spending is in-line with corporate policies.
An important segment of US businesses, middle market companies currently spend more than $2.8 trillion in procurement of goods and services annually. CFOs are challenged with finding tools that can help them better manage this spending activity. Visa-Works partnership is designed to help companies meet this challenge by giving them a solution to manage the entire buying process - from requisition, approval, reconciliation, reporting to payment.
"By linking the Procisa application with Visa and its member banks, we are giving midsize companies greater control over and insight into their spending," said Bo Holland, president and CEO of Works, Inc. "At the same time, we're leveraging Visa's extensive merchant network to solve one of the principal challenges facing companies using procurement technology - how to provide order, invoice and payment integration with millions of Visa merchants."
"Our partnership with Works creates a new and powerful procurement solution for the middle market," said Michael L. Dreyer, senior vice president of Commercial Solutions, Visa U.S.A. "This streamlined payment approach is a major step forward for electronic procurement."
"We believe a procurement solution like the Works Procisa application is one of the few technologies that can deliver 'quick hit' savings for companies," said Randy Cochran, Partner, Deloitte & Touche Management Solutions and Services. "Combining these savings benefits with those of Visa commercial cards will give midsize companies an unprecedented level of expense control, something no other vendor can offer."
Visa and Works are currently working with Visa's Member financial institutions to deliver the product to their corporate customers.
About Visa U.S.A.
Visa is the world's leading payment brand and largest consumer payment system, enabling banks to provide their consumer and merchant customers with the best way to pay and be paid. More than 14,000 U.S. financial institutions rely on Visa's processing system, VisaNet, to facilitate over $810 billion in annual transaction volume - including more than half of all Internet payments - with virtually 100 percent reliability. U.S. consumers carry more than 353 million Visa-branded smart, credit, commercial, stored value and check cards, accepted at approximately 22 million locations worldwide. Visa has long led the industry in developing payment security standards, and has been named the most trusted payment brand online. Visa's people, partnerships, brand and payment technology are helping to create universal commerce - the ability to safely conduct transactions anytime, anywhere and by any device. Please visit www.visa.com for additional information.