SunTrust releases commercial card management system

Source: SunTrust Banks

SunTrust Banks, Inc. (NYSE: STI) today announced the launch of Enterprise Spend Platform, an industry-leading end-to-end commercial card management solution, offering businesses, government entities and non-profits comprehensive online capabilities for control beyond simple card management in travel and entertainment, procurement and payables.

"SunTrust has been one of the fastest growing commercial card issuers for the last several years," said Greg Hammermaster, senior vice president, SunTrust Commercial Card Services, "affording us a distinct perspective in addressing the challenges and issues of our business clients. Enterprise Spend Platform was developed with our clients in mind. In a single platform it delivers increased efficiency, mitigates the impact of resource constraints through automated controls, and streamlines data integration, notification, and reporting. Enterprise Spend Platform will provide our clients true business intelligence to drive compliance and perform more accurate forecasting."

Enterprise Spend Platform features five application modules (Statement Manager, Transaction Manager, Expense Manager, Payables Manager and Requisition Manager) hosted on a single platform that can be implemented to fit company-specific needs, creating a highly flexible and scalable product that can grow on the client's terms. In addition to offering basic features such as card administration and data management, the five modules interact and update one another in real-time, providing tailored solutions for various departments across an organization. Clients may implement any of the modules as their business requires.

Base Platform Summary

The base platform provides a foundation for each application module, facilitating card administration; card ordering, activation, and termination; credit line management and other card-focused financial controls. It also helps program administrators build and maintain corporate structure, adherence to business rules, workflow, internal communications and email management. Reports and queries are simplified and customizable. Client controls allow for a higher degree of security for automated data extract routines with financial systems and third-party applications.

Application Module Summary
  • Statement Manager allows clients to view and act on details clients to view and act on detailed statements for SunTrust and compatible multinational Purchasing Card and Corporate Card programs. Statement Manager also provides actionable transaction detail of compatible third-party statements such as cellular/mobile providers - all on the same screen.
  • Transaction Manager provides tools to manage outstanding transactions that require attention. Clients can add General Ledger coding and comments, manage transaction disputes, break out sales tax, check for corporate policy compliance, submit expenses for manager approval, and confirm approval status.
  • Expense Manager allows detailed reporting of card and cash transactions against extensive travel and expense policies. It also supports General Ledger allocation, workflow approval, compliance monitoring and automated reimbursement directly to a SunTrust Corporate Card account.
  • Payables Manager helps clients integrate purchasing card into the payables payments mix by automating invoice payments to a dynamically funded purchasing card for direct settlement to the supplier. A/P personnel can manage supplier cards as well as payables files and exception transactions from one dashboard.
  • Requisition Manager allows clients to create custom requisition forms to fit any buying need. Requisitions can be developed with custom business rules and workflow, where upon approval, dynamically fund specific SunTrust cards for immediate spend capability that auto-match back to the requisition.

"Enterprise Spend Platform will help business managers more efficiently and accurately manage company finances, as well as give them additional tools to audit, coach and monitor company and employee spending behavior," said David Fuller, executive vice president and division manager, SunTrust Treasury & Payment Solutions. "These controls will help increase program distribution, employee adoption and productivity, affording our clients efficiencies that come with economies of scale."

Comments: (0)