SAN FRANCISCO, Apr 13, 2011 (BUSINESS WIRE) -- Visa Inc. (NYSE: V) today announced the global launch of Visa IntelliLink Compliance Management, a web-based solution offering enhanced control, compliance and cost-savings for businesses using commercial card programs.
Visa IntelliLink Compliance Management converts commercial card transaction data into information that card program managers at government agencies and private sector enterprises can use to minimize and deter commercial card misuse, such as using cards for personal expenses. A complement to the Visa IntelliLink product suite, this new service gives organizations a more detailed view of commercial payment program data, complementing existing card management and issuer reporting systems for a 360 degree view of commercial payment solution activity.
The solution offers multiple modules that can be customized for an organization's unique needs and work together to give program managers different views of their data. The application's range of services includes:
A 2008 report by the Association of Certified Fraud Examiners showed that fraudulent spending costs U.S. businesses $994 billion dollars each year. Commercial cards empower organizations with improved oversight and control of spend, making them a safer and more informative form of payment than paper-based methods. Visa IntelliLink Compliance Management makes commercial card programs more effective by providing a detailed level of review and reporting that gives greater insight into a card program's performance as well as intelligence to quickly detect and discourage fraud, waste, loss and abuse.
"Non-compliance with an organization's card usage policies can erode process efficiencies and cost savings, undermining the value these programs can provide," said Rafael De la Vega, Head of Global Commercial Products, Visa Inc. "By converting raw transaction data into actionable intelligence, Visa IntelliLink Compliance Management can help organizations to better monitor their commercial card spending and discourage misuse - to ultimately derive even greater value and cost savings from their commercial card programs."
"We view Visa IntelliLink Compliance Management as an important addition to our product portfolio and a complement to the services we are already offering that help companies streamline operations," said Dennis Bauer, Managing Director, Global Payment Solutions, Barclaycard. "This service is available today and we expect it will generate considerable value for our customers."
Visa IntelliLink Compliance Management is now available to Visa Commercial card issuers around the globe via Visa-branded or customizable solutions. Web-based, software-as-a-service delivery of the solution supports cost-effective implementation and allows upgrades to be completed automatically. The solution is designed to integrate seamlessly with existing card management systems to allow all users around the world to work with the same, up-to-date data.
Visa IntelliLink Product Suite
Visa IntelliLink Compliance Management is part of the Visa IntelliLink suite of products, which also includes Visa IntelliLink Spend Management, a global information tool for commercial card programs. Visa IntelliLink Spend Management provides extensive reporting and expense management capabilities for organizations of all sizes - small businesses, mid-sized companies, corporations, governments and multinationals - on a single, scalable platform. The product integrates with the entire suite of Visa business-to-business payment products, and is designed to meet the key information management needs of issuers and clients.
Since its introduction, Visa IntelliLink Spend Management has been adopted by more than fifty leading financial institutions around the world including U.S. Bank in North America.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
SOURCE: Visa Inc.
Matthew Flegal, +1-415-932-2564