Visa International will host its 2nd annual International Government Payment Card Conference for international, federal and state government agencies, as well as their member banks, this week in Monterey, California. Government representatives from seven countries will attend including Korea, Australia, China, Singapore, Japan, France, Brazil and the United Kingdom.
The Government Payment Card Conference will features speakers from the United States Federal Government, and the Government of the United Kingdom as well as senior executives from Visa International. The Conference will focus on the success of a number of existing international government payment programs as well as the potential applications and benefits that electronic procurement may offer for these programs.
Lory Yeakle, Senior Vice President of Commercial Product Platforms with Visa International, and a keynote speaker at the conference, will provide insight into Visa’s strategy in the commercial electronic marketplace. “Visa’s success in providing governments and corporations with valuable commercial payment products has led to the expansion of its offerings to new online payment solutions,” Yeakle said.
“Our goal is to assist governments around the world in leveraging the power of the Internet through eProcurement in an effort to further streamline business processes, increase procedural efficiencies and produce cost benefits that conform with strategic objectives.” “Visa Commercial Payment Solutions address the procurement needs of governments worldwide in both the physical and virtual worlds, ” said Yeakle.
In addition, Dr. Jane Gibbs, Ecommerce Head, Office of Government Commerce, United Kingdom will be discussing the success of the UK government payment card program and will give an update as to the UK Government’s plans for eProcurement. The UK Government estimates that by 2002, 300 million pounds per annum will be spent on the card with estimated cost savings of around 70 million pounds.
According to Dr. Gibbs, ” The implementation of the Visa Card program within UK Government departments and agencies has changed organizational attitudes toward procurement in general. Specifically, the successful application of the procurement card program has increased awareness of additional cost and time saving solutions that might be on offer through, for example, wider application of electronic business-to-business purchasing.”
Dennis Fischer, Vice President, Commercial Products Group, Visa USA will be speaking on Visa’s role in the United States Government procurement program. He will discuss the critical issues of this multi-party relationship, how the relationship has changed and developed over the past ten years and what Visa learned throughout the course of the relationship.
Mr. Fischer said, “Increasingly, we see that government is not only a buyer in the procurement process but is frequently also a supplier. Visa can enable governments to streamline this role in the process by sharing our international knowledge and growing expertise in the facilitation of e-commerce hubs, online trading exchanges and so on. We believe we can offer the public sector a great deal of added value knowledge in this respect.”
A Government Payment Card is a payment card in which there are no revolving interest payments, just a simplified, cost-effective purchasing process. The Visa Purchasing card, which can be used in face to face transactions, on the phone and on the Internet, helps government agencies streamline and reduce total cost of procurement. It saves the agency time and money by greatly reducing the need for requisitions, approvals, purchase orders, invoices and checks. According to recent `best practices’ study of multinational corporations that have implemented a Visa Purchasing card program, the average participant saved approximately US$60 per transaction by using a payment card.
About Visa Commercial Payment Solutions
Visa Commercial Payment Solutions are tailored to meet the needs of its member banks and corporate clients globally. Visa International is experiencing 40% annual growth rates across its commercial card product lines. There are more than 12 million Visa commercial cards issued globally. Visa International’s three commercial card programs, Visa Business, Visa Purchasing and Visa Corporate respectively focus on: the payment needs of small businesses; the procurement needs of medium to large firms; and the travel and entertainment expenses of medium to large firms.
Visa’s Commercial Payment Solutions continue to be at the leading edge of enhanced data, new technologies and delivery channels, meeting changing commercial market needs. Visa’s business-to business e-commerce initiatives have included online trading hubs, online procurement strategic alliances and global standards for worldwide interoperability.
About Visa International
As the “World’s Best Way to Pay,” Visa is the world’s leading payment brand and the largest payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders.
Visa has more than 80 smart card programs in 35 countries and on the Internet, with 23 million Visa chip cards, including 8 million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction(TM) programs to enable and advance Internet commerce. There are over 1 billion Visa, Visa Electron, Visa Cash, Interlink and PLUS cards in the market. Visa-branded cards generate US$1.6 trillion in annual volume and are accepted at over 19 million worldwide locations, including at more than 627,000 ATMs in the Visa Global ATM Network. Visa’s Internet address is www.visa.com.Details