Comerica Incorporated announced the successful launch of a new Canadian Dollar
Purchasing Card to
help companies with Canadian-based operations eliminate costs associated with
currency exchange. The Canadian Dollar Purchasing Card has all of the same
features as Comerica’s extremely popular Purchasing Card, but settles in
Canadian currency. The announcement of the new card was made by Daniel J.
McCarty, senior vice president and officer-in-charge of Treasury Management
Services for Comerica.
“Our Canadian-based business clients, through our partnership with
MasterCard, will now be able to settle their purchasing card accounts in
Canadian dollars, as opposed to U.S. dollars, which eliminates unnecessary
costs associated with currency exchange,” said McCarty. “It also eliminates
the exposure to fluctuations between the transacting and settling currencies.
This may be critical, especially considering that the timing of purchases and
the subsequent payment can be weeks apart.”
Comerica’s high-tech Canadian Dollar Purchasing Card is uniquely designed
for businesses because managers can place a combination of limits on card
such as by type of merchant and amount of purchase. For example, a cardholder
can be set up with a $250 limit for “Stationery and Office Supplies,” a
limit for “Travel and Entertainment” and a $50 limit for “Gas and Oil.” These
and other limits can be unique to each card. Through the use of a combination
of spending limits, businesses are able to control and monitor expenses, and
streamline their entire payables process. The Canadian Dollar Purchasing Card
is accepted by more than 21 million MasterCard merchants worldwide.
In addition, the Canadian Dollar Purchasing Card comes with a number of
Internet options, including iTracer, an online information reporting package
that, among other features, enables program managers to isolate spending on a
company-wide basis with a category of merchants or even a single supplier in
order to negotiate volume discounts. iTracer is like having a daily online
statement for all or part of the company’s cardholders. Monthly statements
are also much more convenient with iStatement, where cardholders can log onto
a secure web site to see their statements online and in Canadian currency.
The Canadian Dollar Purchasing Card, Purchasing Card, Fleet Card,
Corporate Card, Multi-Card and Comerica CompCARD comprise Comerica’s
Commercial Card family of products and can be combined for consolidated
payment and reporting.
This product is the latest financial service to be offered from Comerica’s
North American platform. It reinforces the company’s long history of
providing credit and non-credit financial services to companies doing
in North America. Through its regional office in Toronto, Comerica provides a
wide range of corporate banking, foreign exchange, treasury management and
international trade services in Canada.
To find out more about Comerica’s commercial card products, visit
Comerica’s web site at
Comerica Incorporated is a multi-state financial services provider
headquartered in Detroit, with banking subsidiaries in Michigan, California
and Texas, banking operations in Florida, and businesses in several other
states. Comerica has an investment services affiliate, Munder Capital
Management, commercial banking operations in Canada and a commercial banking
subsidiary in Mexico. Comerica reported total assets of $50 billion at
September 30, 2001.