To extend the business travel and purchasing card products and services available to its customers, GE Capital has signed an agreement with Commonwealth Bank of Australia to support large multinational corporations with operations in Australia.
Through the alliance, Commonwealth Bank of Australia will provide Australian Dollar-denominated MasterCard corporate charge cards, statements and other in-country cardholder services. To streamline global program management, GE Capital will serve as the primary contact for corporations taking advantage of the program.
“We have chosen Commonwealth Bank of Australia due to their strong banking network in Australia and their outstanding Business Card track record. This partnership is in line with our alliance strategy to issue cards in local currencies with local cardholder support for our multinational clients,” said Jeffery R. Dye, senior vice president, GE Card Services.
Nick Kennett, Chief Manager Cards at the Commonwealth Bank, said, “The Commonwealth Bank will work closely with GE Capital and its corporate clients to develop mutually beneficial card programs. We will be able to provide considerable expertise throughout the program analysis and implementation phases and thereafter with customer service excellence.”
Commonwealth Bank of Australia will develop the ability to report card transaction data in a format that allows consolidation of global spending data via GE Capital’s Synergy 200O(TM) reporting system. Consolidation of global data allows multinational companies to have a better understanding of how their travel dollars are spent. This data consolidation leads to more effective vendor negotiations and policy compliance, ultimately driving savings to a company’s bottom line.
The Commonwealth agreement is one in a series of alliance agreements reached by GE Card Services. These alliances complement GE Capital’s existing capabilities to issue and support cards denominated in U.S. and Canadian dollars, Euro, Pound Sterling, and Irish Punts.
Commonwealth Bank of Australia has been issuing commercial cards in Australia since 1991, and has achieved over 40 percent annual growth over the last three years. Commonwealth Bank of Australia also manages the largest banking network in Australia, and is Australia’s largest credit card issuer.
GE Card Services develops and markets corporate bankcards designed for medium- and large-sized, multinational companies and organizations. It also creates and operates private label credit card programs for retailers across North America.
GE Capital, with assets of over US$300 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., USA, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.Details