AUSTIN, Texas, May 16, 2003 -- Works, Inc. today announced the availability of version 2.2 of Works Payment Manager, an electronic payment management solution that helps companies minimize the number of checks they issue, reduce errors and time associated with account reconciliation, and settle more payment transactions electronically.

Works Payment Manager, which is offered through Visa member financial institutions such as PNC Bank and SunTrust Bank, is a web-based application connected to the Visa payment network. Through a sophisticated use of workflow and business process automation technology, Works Payment Manager enables organizations to automate existing manual payment policies and procedures and administer credit card programs online, thereby eliminating barriers that often hinder the use of commercial credit cards as a primary payment mechanism. Works Payment Manager allows organizations, for the first time, to automatically adjust the credit limits of individual commercial cards to accommodate a broader range of purchases while adhering to an organization's internal purchasing and payment policies. In addition, Works Payment Manager provides management teams visibility into their organization's spending as it occurs, improving financial planning and decision-making. Works Payment Manager also offers back-office reconciliation efficiencies that improve the speed and accuracy of credit card transaction allocation.

New features of Works Payment Manager include:

• Distributed Program Management: The new version includes decentralized program administration capabilities designed to better support large organizations or organizations with multiple departments/divisions needing more autonomy. Some examples include the ability to
  • create multiple billing accounts,
  • distribute card and organization administration duties between multiple individuals,
  • provide group owners better visibility into their group's spending activity,
  • make GL configuration changes and additions more quickly and easily.
• Enhanced Spending Oversight: The solution now includes Spend Monitors that allow budget owners to automate tracking of expenditures against specific financial targets such as projects, blanket POs, or encumbered funds. The new version also improves spend-by-category and spend-by-supplier reporting to provide additional data for improved tracking and spend analysis.
• More Efficient Card Administration: The solution offers new features and enhancements for card administrators to better align program management with existing business cycles, improve audit capabilities and streamline disputes.
• Streamlined Reconciliation: The new version provides flexible features that better reflect real-world workflow and further streamline the reconciliation process. This includes enhanced support for manipulating Level 3 transaction detail, improved management of accounting configurations and improved management of data exports.

"This latest version of Works Payment Manager builds on our commitment to transform traditional payment processes," said Jerry Lester, CEO of Works, Inc. "By providing an unprecedented level of efficiency, control, and customer service, we're enabling our customers to realize tremendous cost savings and embrace commercial credit cards as a strategic payment practice."

For more information on the Works Payment Manager solution, contact Works at 888-967-5726 or visit http://www.works.com.

About Works

Headquartered in Austin, Texas, Works provides web-based software solutions that help organizations minimize the number of checks they issue, reduce the expense of costly manual back-office reconciliation processes and settle payment transactions electronically through the use of commercial credit cards. The Works Payment Manager electronic payment management solution is delivered to customers through partnerships with Visa U.S.A. and its member financial institutions.