Visa (NYSE: V) today announced the introduction of Visa IntelliLink Spend Management - a new global information tool that provides extensive reporting and expense management capabilities for organizations of all sizes on a single scalable platform.
Comprised of three core solutions - reporting, data services, and program support - Visa IntelliLink Spend Management integrates with the entire suite of Visa B2B payment products. The platform is designed to meet the key information management needs of financial institutions and their clients across all small business, commercial, purchasing, corporate, central travel, multinational and fleet programs.
The platform is unique in its ability to provide reporting and full-featured expense management in a single, integrated offering, including:
- Extensive expense management capabilities, including compliance triggers, receipt imaging, multi-level transaction data and direct ERP integration
- Enhanced data capture, matching and delivery
- Integration of non-card spend to support sourcing analytics across the entire accounts payable function
- Multiple branding options for issuers, including tools that can be customized to support differentiation strategies
- Dashboard management and flexible reporting tools, and alerts for cardholders and commercial program managers
- Options for extending capabilities beyond payment, including travel booking integration
"Effective expense management requires flexible, intuitive, on-demand access to information to support a stronger understanding of spend patterns, increased control over spending and greater insights that help companies save time and money," said Darren Parslow, head of global commercial solutions, Visa Inc. "Visa IntelliLink answers a global need for visibility and control over procurement, travel and entertainment expenses, in an easy-to-use, integrated format that enables users to see and act on critical spend information. We believe this new global platform offers reporting and expense management solutions and capabilities beyond those available in the marketplace today."
Benefits for card issuers and commercial clients
Through Visa IntelliLink Spend Management, financial institutions can create significant advantage by addressing the needs of a spectrum of companies, increasing differentiation, and deepening customer relationships. Capable of tracking and reporting data on both local and multinational levels, the platform can be implemented quickly by client organizations, and is simple for card issuers to customize, deliver and support.
For commercial card clients, Visa IntelliLink Spend Management provides enhanced visibility into and control over expenses, as well as easy access to information through dashboards and alerts, the ability to track both card and non-card transactions, and local and global functionality, e.g., multi-language support, dual- and multi-currency card program support, and local tax support.
Visa IntelliLink Spend Management is provided through an alliance with Spendvision, allowing Visa clients to utilize a proven, industry-leading platform to strengthen their competitive advantage with converged transaction management.
"Spendvision is excited to partner with Visa to help financial institutions increase their differentiation in the marketplace and enhance customer loyalty," said Robert Kirby, CEO, Spendvision. "Through just one platform we can support their immediate reporting and expense management needs and also the more complex requirements that clients demand. In an increasingly competitive marketplace this solid foundation positions them strongly for tomorrow's payment space."
"Procurement is all about a company getting the best deals it can from suppliers and ensuring that employees fully utilize those deals when making purchases. Central to optimizing procurement functions is having accurate, timely and actionable information about the company's total spending patterns," said Nancy Atkinson, senior analyst, Aite Group. "Visa IntelliLink Spend Management provides a single platform that accommodates the needs of companies of all sizes, specific tax requirements worldwide, and supports the full range of commercial card products, including travel, purchasing, and fleet. Visa IntelliLink Spend Management incorporates all spending - cards and non-cards alike. It provides a single platform to collect and analyze worldwide purchasing activities to provide a consolidated view and support effective spend management, which will offer issuers a strong differentiator for their commercial card programs."
Visa IntelliLink Spend Management will replace, over a migration period, existing Visa Information Source, Visa Information Source Select, and other Visa information management tools with a single, global platform. The Visa IntelliLink suite also includes a Compliance Management Tool for Government, a leading solution currently used by U.S. banks with Federal Government agencies and states to help ensure card program compliance with agency procurement and travel policies.
Visa IntelliLink Spend Management is available to commercial card issuers around the globe immediately.