US Bancorp has unveiled a Visa eProcurement Card for online B2B markets. The bank has allied with six vendors of e-procurement engines (EPE) for the launch, including Ariba, Clarus, Concur Technologies, Extensity, Remedy, and Valu.net.
"The new eProcurement Card reduces errors, saves time, provides more information and saves money for companies and their suppliers," says Dan Frate, vice chairman of US Bank and president of payment systems. Companies that utilise the card will realise a faster return on their investment with their EPE implementations, he adds.
The eProcurement Card differs from traditional purchasing cards, he says, in that it:
* automatically reconciles transactions with EPEs from the time the order is taken to when it is billed;
* enables a company to set up a purchasing card account online that will track purchases from a specific supplier;
* tracks detailed data for sales tax reporting purposes; and
* offers suppliers pricing discounts for large ticket and large volume transactions.