New Technology Helps Organizations Improve Efficiencies for High-Volume Payment Processing
AUSTIN, Texas, August 5, 2002 -- Works, Inc. today announced the availability of version 2.0 of the Works Procisa™ electronic payment solution, which helps companies minimize the number of checks they issue and settle payment transactions electronically through use of commercial credit cards. The Works solution leverages the global Visa® payment system and was created through an alliance between Works, Inc. and Visa U.S.A. The new version, which is currently available through Visa financial institutions, PNC Bank and SunTrust Bank, offers a number of enhancements that will streamline payment and back-office accounting processes for high-volume transactions and make management of commercial credit card programs easier.
The Works electronic payment solution allows organizations to support and automate existing payment processes and reduce reliance on checks as a primary means of payment. It does this by providing customers the ability to enable a Visa commercial payment to comply with financial policies and process controls associated with today's check-based payment processes. This includes enforcement of signature authority, approval chains and separation of duties associated with authorizing payments. In addition, the Works solution provides authorized managers real-time visibility into spending activity, giving them better information for planning and decision-making. Finally, the Works solution offers back-office reconciliation efficiencies that improve the speed and accuracy of transaction allocation as well as additional features, such as online card administration tools, that help customers better manage their Visa commercial credit card programs. By addressing the need for defined payment processes and controls, combined with the efficiencies of the worldwide Visa network, the Works solution allows organizations to move payments to electronic settlement while maintaining control over how much is paid and when it's done.
AUSTIN, Texas, August 5, 2002 -- Works, Inc. today announced the availability of version 2.0 of the Works Procisa™ electronic payment solution, which helps companies minimize the number of checks they issue and settle payment transactions electronically through use of commercial credit cards. The Works solution leverages the global Visa® payment system and was created through an alliance between Works, Inc. and Visa U.S.A. The new version, which is currently available through Visa financial institutions, PNC Bank and SunTrust Bank, offers a number of enhancements that will streamline payment and back-office accounting processes for high-volume transactions and make management of commercial credit card programs easier.
The Works electronic payment solution allows organizations to support and automate existing payment processes and reduce reliance on checks as a primary means of payment. It does this by providing customers the ability to enable a Visa commercial payment to comply with financial policies and process controls associated with today's check-based payment processes. This includes enforcement of signature authority, approval chains and separation of duties associated with authorizing payments. In addition, the Works solution provides authorized managers real-time visibility into spending activity, giving them better information for planning and decision-making. Finally, the Works solution offers back-office reconciliation efficiencies that improve the speed and accuracy of transaction allocation as well as additional features, such as online card administration tools, that help customers better manage their Visa commercial credit card programs. By addressing the need for defined payment processes and controls, combined with the efficiencies of the worldwide Visa network, the Works solution allows organizations to move payments to electronic settlement while maintaining control over how much is paid and when it's done.
New features of the Works Procisa solution include:
- Streamlined Accounting Processes: the new version now allows transactions with specific suppliers to be automatically tagged with the associated General Ledger (GL) codes, making back-office transaction reconciliation faster and more accurate. Users also have the ability to re-allocate spending after it occurs, ensuring that expenses are properly attributed to the right accounts within their organizations. Finally, administrators can now track taxable card spending as it occurs for easier tax reporting purposes.
- Enhanced Spending Visibility: the solution provides a number of enhancements that give authorized managers access to detailed spending activity as it occurs. This includes information on commercial card program spending metrics, such as access to total spending-to-date and average spend and transactions per card. Additionally, organizations now have the ability to more easily track and analyze spending compliance to preferred supplier relationships, helping to ensure that they're making the most of company established supplier agreements.
"The new capabilities in the latest version of the Works Procisa solution
are making it easier for our customers to move a significant number of their
payments from checks to electronic form," said Bo Holland, president and
CEO of Works, Inc. "This, combined with better insight into day-to-day
spending activity and improved back-office accounting efficiencies, is helping
our customers run more productive and profitable organizations."
For more information on the Works Procisa electronic payment solution, contact
Works at 888-967-5726 or visit http://www.works.com.
About Works (www.works.com)
Headquartered in Austin, Texas, Works provides software solutions that help companies minimize the number of checks they issue and settle payment transactions electronically through use of commercial credit cards. The Works Procisa electronic payment solution is built on the global VISA payment system and is delivered to customers through a partnership with Visa U.S.A. and its member financial institutions.
Headquartered in Austin, Texas, Works provides software solutions that help companies minimize the number of checks they issue and settle payment transactions electronically through use of commercial credit cards. The Works Procisa electronic payment solution is built on the global VISA payment system and is delivered to customers through a partnership with Visa U.S.A. and its member financial institutions.