Mellon Bank Corporation began outlining the features of its purchasing product to federal agency representatives during a kick-off conference in Washington, D.C. that runs through Wednesday, Feb. 25. Contracts with these agencies will begin in November 1998 and run for five years, with five additional one-year options. Mellon was one of the six master purchasing card contractors announced by the federal General Services Administration (GSA).
Mellon Bank has a proven history of delivering a breadth of financial solutions to its customers, including the federal government. “The core of our success in the financial marketplace is our presence, leadership and commitment, all of which are evident in the dynamic solutions we provide to our customers,” said Robert W. Stasik, executive vice president and head of Mellon Global Cash Management(SM).
“Like other industries, the federal government is establishing the groundwork for more of its employees to use purchasing cards for routine purchases,” said Tony Brady, project manager of Mellon’s government purchasing card initiative. “They understand the value of saving expenses by simplifying their transactions and eliminating the paperwork usually associated with processing those purchases.”
According to Brady, Mellon’s purchasing card not only features present-day solutions, but anticipates future demands. “Through our ability to redefine traditional purchasing card capabilities, we can provide extraordinary features to help the government offer greater benefits to its agencies,” he said.
As one of the select few cash management banks used by the federal government, Mellon currently supplies everyday financial services to more than 10 independent and quasi-government organizations. Mellon also provides collection services for more than 25 government agencies and card-acquiring services to 36 agencies.
Supported by Mellon Bank’s 30-plus years of credit card experience, the Mellon Purchasing Card is flexible, easy-to-use and affordable for customers of all sizes. “For years, we have had a dedicated purchasing card in place that has helped organizations tailor seamless programs that provided them with maximum benefits,” Brady said.
The Mellon Purchasing Card is offered in conjunction with MasterCard International, Inc. and can be used in the more than 14 million locations around the world where MasterCard is accepted. In addition, an agreement with ProCard, Inc. provides purchasing card customers with the ProValue Services (PVS) accounting management software package, giving clients the ability to edit, review, reconcile and post transactions on-line to their internal accounting systems.
This purchasing card initiative is one of several current programs in which Mellon and the federal government are cooperating. Others include
— A joint effort between Global Cash Management and GSA to pilot an electronic solution that collects utility payments and forwards them directly to a customer’s account and accounts receivable system.
— An initiative with the U.S. Department of the Treasury in which Mellon Network Services provides smart cards for new recruits at the U.S. Army training facility at Fort Knox, Ky.
— An electronic commerce program in which Mellon and the Treasury’s Financial Management Services, are using the Secure Electronic Transaction (SET) protocol for restricted on-line access to the Bureau of Public Debt to purchase U.S. Savings Bonds and to the Defense Reutilization and Marketing Services to purchase a wide variety of government surplus merchandise. Mellon Global Cash Management, part of Mellon Bank Corporation, is an industry leader, designing complete solutions through its comprehensive line of cash management services to meet the specialized treasury needs of middle market to large multinational corporations, government agencies, nonprofit organizations and financial institutions.
A broad-based financial services company with a bank at its core, Mellon Bank Corporation ranks among the nation’s largest bank holding companies in market capitalization. With more than $300 billion of assets under management and $1.5 trillion of assets under administration, Mellon provides a full range of banking, investment and trust products and services to individuals and small, midsize and large businesses and institutions. Its mutual fund company, The Dreyfus Corporation, places Mellon as the leading bank manager of mutual funds. Headquartered in Pittsburgh, Mellon’s principal subsidiary is Mellon Bank, N.A.Details