Houston-based Cardtronics has completed its acquisition of McLane Financial Services Plus, a subsidiary of McLane Company, a TX-based food distributor. Under terms of the deal, Cardtronics will take ownership of approximately 1,100 installed ATM machines and manage the contracts of the existing customer base. Customers of McLane FSP include several major petroleum retail outlets. Cardtronics now operates a network of more than 6,400 ATMs nationwide, handling approximately 91,000 transactions daily. Over the next six months the McLane FSP name will transition to Cardtronics. Operations will continue out of the current headquarters in Temple, Texas with ten McLane employees joining Cardtronics.Details
InteliData Technologies Corporation announced that Central Corporate Credit Union, Empire Corporate Federal Credit Union, Southwest Corporate Federal Credit Union, and SunCorp Corporate Credit Union have launched their respective Electronic Bill Payment service utilizing InteliData’s Interpose Payment Warehouse System.
The four corporate credit unions joined forces over a year ago to offer a premier suite of e-commerce products to their member credit unions. They provide services to approximately 3,000 consumer credit unions.
InteliData serves as an Application Service Provider (ASP) of electronic bill payment technologies to the four corporate credit unions providing warehousing, routing and processing of consumer payments. This flexible solution facilitates rapid implementation of the corporate credit unions’ many member credit unions.
“InteliData recognizes the close relationships that credit unions maintain with their members. We can help enhance these relationships with our user-friendly bill payment solutions,” said Al Dominick, President and CEO of InteliData. “Our pioneering advancements in the Electronic Bill Payment and Presentment marketplace allow us to provide the most advanced bill payment and presentment products to credit unions and other financial institutions.”
With a client list that includes 21 of the top 50 banks, InteliData offers Spectrum certified EBPP products to banks, credit unions and financial institution processors. InteliData also provides the most advanced, complete end-to-end EBPP solutions that power financial institution’s Internet banking, payment and presentment and online credit and bankcard transactions. Headquartered in Reston, Virginia, USA, InteliData is publicly traded (Nasdaq: INTD) and its business partners include Spectrum EBP, ALLTEL and other industry leaders. For more information, visit the company’s web site at .Details
National City Bank Corporation, one of the nation’s largest banks, has become the newest board member and owner bank of SVPCo, an industry leader in the electronic processing of checks. National City Bank Corporation, the nation’s 11th largest bank, will join 19 other major banks to take an ownership stake in SVPCo.
“The addition of National City to our ownership will bring benefits to current owners and National City,” said Hank Farrar, President of SVPCo. “This gives the ECP process and even greater penetration in the Midwest section of the country.”
SVPCo operates a standardized, national Electronic Check Presentment (ECP) network, comprised of regional check clearing and settlement centers. Every time another bank joins the network the number of possible transactions expands exponentially. In fact, the volume of checks exchanged electronically has grown more than 600% since SVPCo’s inception in 1998.
“With every participant, the benefit grows exponentially and we move closer to a safer, faster and more efficient network for the electronic processing of checks,” said Mr. Farrar.
“We are pleased to become an owner of SVPCo and to accept this challenge for our industry,” said Mike Barger, Senior Vice President, National City Bank.
SVPCo offers a variety of products and services including Electronic Clearing Services (ECS). The goal is to convert the current system of check collection and settlement, which moves paper checks around the country, to a safer, faster, and more efficient electronic system that sends electronic data and images of the check instead. ECS service is the market leader in Electronic Check Presentment (ECP). It currently provides service to 56 bank sites nationwide. SVPCo also includes SafeCheck, whose goal is to transform any paper check into a single-use debit card and the Electronic Payments Network, the nation’s largest, private sector ACH operator.
National City Corporation is a financial holding company that provides a full range of banking and financial services to individuals and businesses, including commercial and retail banking, consumer finance, asset management, mortgage financing and servicing and item processing. Operations are primarily conducted through more than 1,200 banking offices in Ohio, Pennsylvania, Indiana, Kentucky, Illinois and Michigan, and over 350 mortgage offices located throughout the United States. Headquartered in Cleveland, Ohio, National City now has assets approaching $94 billion.
Twenty of the largest banks in the United States are owners of SVPCo. The banks represent over $2.177 trillion in deposits or 56 percent of U.S. commercial bank deposits as of March 2001.
SVPCo owner banks are: ABN AMRO, Bank of America, N.A., The Bank of New York, Bank One, N.A., Deutsche Bank, BB&T, Citibank, N.A., Comerica, First Union, FleetBoston, HSBC Bank, J.P. Morgan Chase, KeyBank, Mellon Bank, National City Bank, PNC Bank, SunTrust, U.S. Bancorp, Union Bank of California, Wachovia, and Wells Fargo.
Three Major Banks Join SVPCo for Electronic Check Processing
Three major banks will soon be switching
over to the electronic collection, settlement and verification of checks. Central Carolina Bank of North Carolina, First Tennessee National Corporation of Memphis, Tennessee, and Sterling Bancorp of New York, are joining the network of bank customers of Electronic Check Services (ECS) which is owned by the Small Value Payments Company (SVPCo).
ECS’s sole purpose is to convert the current system of check collection and settlement, which moves paper checks around the country, to a safer, faster, and more efficient electronic system that sends electronic data and images of checks instead. The process works in real-time so checks are presented for collection and settlement, electronically, throughout the business day. ECS began operations in 1998 with 12 bank sites and has expanded to more than 60 sites, representing about 60 percent of U.S. commercial bank deposits, active in ECP.
“The addition of these three major banks to our customer base will bring benefits to the whole industry and its customers,” said Jeff Neubert, Chief Executive Officer of SVPCo.
“SVPCo is supporting a standardized, national electronic check presentment network, comprised of regional check clearing and settlement centers. Every time a bank joins the network the number of possible settlement transactions expands exponentially. In fact, as volume doubles benefits increase approximately sixfold,” said Hank Farrar, President and Chief Operating Officer of SVPCo.
Check clearing is undergoing revolutionary changes with a more widespread use of technology such as image processing and electronic check presentment (ECP). ECS and its participating banks believe the use of these technologies will eventually become the standard process for check clearing. The system has seen a 600 percent growth in volume during the past three years. ECS operates an electronic, standardized; national, and multi-lateral check exchange. It doesn’t reduce the number of checks – ECS just makes processing them more efficient, less expensive, and less risky for participating banks and their customers.
“Central Carolina looks forward to the benefits the ECS system,” said David Wagoner, a Senior Vice President at Central Carolina Bank. “Having a clear set of standards for ECP increases efficiency and each new participating bank lowers the costs for all others in the system.”
“We wanted to join the move to ECP early, and the ECS service is clearly the market leader,” said Jim Blasingame, Executive Vice President and Manager of Bank Operations at First Tennessee Bank. The service is up and running and the advantages of a single connection point to all participants and one system for exchanging information was very compelling.”
“The benefits from the electronic check exchange are obvious,” said Louis J. Cappelli, Chairman and Chief Executive Officer of Sterling Bancorp. “The system is safer, faster and more efficient than the paper check collection and settlement system we were using. We also liked the standardized agreements and the single rule set provided by ECS, along with the standard pricing and formats.”
Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.3 billion, offering a full range of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial lending, asset-based financing, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York area, Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company’s Website, .
Central Carolina Bank (CCB) became a wholly owned subsidiary of National Commerce Financial Corporation (NCFC) of Memphis, Tennessee, in July 2000. CCB serves 87 communities located primarily in the Piedmont Crescent region of the Carolinas.
First Tennessee Bank National Association is a principal subsidiary of the First Tennessee National Corporation. Based in Memphis, Tennessee, First Tennessee is one the 50 largest banks in the United States.
SVPCo also provides U.S. banks with the ability to work closely together to form an operating company that capitalizes on changing markets and delivers new products and services that support their common interest in the payment system. SVPCo is part of the family of payment and settlement services made available by the New York Clearing House (NYCH), the market leader in private sector electronic payments. For more information on SVPCo visit their website at: .
The Clearing House is the nation’s oldest and most innovative bank association and payments processor, and is backed by some of the nation’s largest banks. Established in 1853 to simplify the exchange of checks and improve the efficiency of the payments system, the Clearing House now processes more than $1.3 trillion in electronic payments worldwide. In addition to the services offered by SVPCo, it operates the Electronic Payments Network (EPN), and CHIPS (Clearing House Interbank Payments System). The Clearing House also runs a well-respected association that serves as a forum for its members to promote common interests in the financial services industry. For more information please contact Chip Savidge (NYCH) @ 201-319-5478 [Chip.Savidge@NYCH.org].Details
HNC Software announced they launched new software which employs advanced analytics and predictive segmentation to optimize customer cross-sell offers, pricing, prospecting, and retention. ‘Opportunity Suite’ combines mission-critical business decisioning with advanced science in an open, next-generation architecture. The first solution and a core component within the ‘Opportunity Suite’ is ‘Cross-Sell Optimizer’, which empowers companies to target the right customer with the right action, through the right channel, at the right time. The ‘Optimizer’ solution is already in production with multiple customers, representing some of the world’s largest bank card issuers, who use the solution to optimize cross-sell offerings to over 120 million customers and increase marketing campaign revenue from 40% to 90%. HNC also announced yesterday an agreement with PROS Revenue Management Inc. to develop software for analyzing airline industry data to accurately detect critical security risks in real time.Details
National Processing Company, a leading provider of merchant credit card processing and a wholly owned subsidiary of National Processing, Inc., announced the signing of a multi-year credit card processing agreement with Fandango, Inc., the fastest-growing movie-ticketing company in the United States. Under the terms of the agreement, Fandango will use NPC’s VirtualPay product for authorization and settlement of Visa and MasterCard transactions. NPC’s VirtualPay is a state-of-the-art electronic payment service that combines the latest in security features with the convenience of on-line payment capabilities.
Headquartered in Santa Monica, California, Fandango provides advance tickets, showtimes and more for consumers to view and purchase on the Internet and by phone. Fandango’s partners include seven of the nation’s largest movie exhibitors: Carmike Cinemas(R), Century Theatres(R), Cinemark Theatres(R), Edwards Theatres(R), General Cinemas(R), Loews Cineplex Entertainment(R) and Regal Cinemas(R). Together, these exhibitors represent more than 14,000 movie screens — more than 40 percent of the U.S. theater market. Utilizing the latest in technology, Fandango is changing the way America goes to the movies through Print-at-Home tickets, express theatre and concession lines and more.
“Through technology and foresight Fandango has captured a tremendous opportunity to change the way consumers ‘shop’ for entertainment,” said Drew Soinski, senior vice president of Travel & Entertainment for NPC. “We are delighted to be providing the on-line electronic payment link that is so vital for this service. Our Virtual Pay product provides any retailer the capabilities to offer secure on-line sales and expand their on-line capabilities while minimizing risk.”
“When selecting a processor, we wanted to find the best in the industry to provide Fandango’s moviegoers with unsurpassed service,” said Art Levitt, president and chief executive officer of Fandango, Inc. “Working with NPC, Fandango will be able to provide added levels of convenience and assurance to our users, who want processing that’s not just secure, but fast and simple.”
Fandango is a market leader in remote ticketing for consumers planning a trip to the movies. Its convenient service lets moviegoers quickly select a film, plan where and when to see it, and representing more than 14,000 movie screens including Century Theatres, Carmike Theatres, Cinemark Theatres, Edwards Theatres, General Cinema Theatres, Loews Cineplex Entertainment and Regal Cinemas. The company’s investors include Accretive Technology Partners and General Atlantic Partners, LLC.
About National Processing, Inc.
National Processing, Inc. through its wholly owned operating subsidiary, National Processing Company (NPC(R)) is a leading provider of merchant credit card processing. National Processing is 86 percent owned by National City Corporation (NYSE: NCC) ( ), a Cleveland based $94 billion financial holding company. NPC supports over 600,000 merchant locations, representing nearly one out of every five Visa(R) and MasterCard(R) transactions processed nationally. NPC’s card processing solutions offer superior levels of service and performance and assist merchants in lowering their total cost of card acceptance through our world-class people, technology and service. Additional information regarding National Processing can be obtained at .Details
Threshold Electronics Limited andAutoBranch Technologies Inc. announced that Dynamic Branding ATM
services are being added to selected Threshold locations with the “LaserCash”
brand. Starting today, whenever cardholders from participating financial
institutions use an ATM at one of the new locations, the shared ATM will look
and act just like a proprietary ATM from their own institution.
In addition to the convenience of more services at more locations,
consumers can also save up to $3.50 per cash withdrawal: Cardholders don’t
pay any surcharges or foreign ATM fees if they bank with an institution that
participates in the AutoBranch network.
Up to 100 LaserCash locations with Wincor-Nixdorf ATMs could potentially
participate in the program, providing small to mid-size financial institutions
with a larger ATM network than they could afford using traditional proprietary
ATMs. Threshold is providing the switching, monitoring and management
services. The first locations went live in Toronto, Ontario earlier this
Threshold becomes the second Canadian transaction switching service to
certify Dynamic Branding ATMs on the AutoBranch network. The integration and
certification of the advanced web-enabled ATM technology was accelerated
because both Threshold and AutoBranch use the open Postilion transaction
services platform from Mosaic Software.
“AutoBranch has been very successful in driving cardholders to
participating ATM locations,” said Matthew McIver, president of Threshold.
“This is an excellent opportunity for us to sustain and grow transaction
volumes. We also know retailers are interested in the advanced kiosk and
advertising capabilities included in the AutoBranch solution, and so it
differentiates us from traditional ISOs.”
“Financial institutions love to offer cardholders more services and
greater convenience, especially when they can actually reduce ATM capital and
operating costs,” said John Sinton, president and CEO of AutoBranch. “Our
current and prospective customers are looking forward to a continued expansion
of the AutoBranch network, and they are very pleased to see quality leaders
like LaserCash adding ATMs and Threshold providing switching.”
About Threshold Electronics Limited
Threshold Electronics Limited, based in Toronto, Ontario is a high-end
provider of turnkey ATM solutions and transaction switching services, with
over 500 ATMs placed throughout Canada. As well as its private label network
branded Laser Cash, Threshold delivers innovative ATM outsourcing and
state-of-the-art switching solutions to credit unions and financial
institutions, such as All Trans Credit Union, Sun Life Financial Trust and
Amex Bank of Canada. Laser Cash is a trademark of Threshold Electronics
For additional information, please visit our corporate website at
http://www.lasercash.com, or contact us by telephone at +1-905-678-7373 or by e-mail
Based in Toronto, Ontario, AutoBranch Technologies Inc. creates financial
transaction services technology, and operates a financial transaction network
for ATMs that offers dramatically increased capability and reduced costs.
Patent-pending Dynamic Branding(TM) allows every participating financial
institution to deliver completely customized services through a secure,
global, shared network of web-enabled ATMs. AutoBranch and Dynamic Branding
are trademarks of AutoBranch Technologies Inc.
For additional information, please visit our corporate website
http://www.autobranch.com, e-mail us at email@example.com, or contact us at
European consumers now carry 283.2 million Europay-branded cards as of mid-year, an increase of 34 million cards from last year, according to this week’s The RAM Report ([www.ramreport.com]). The number of Eurocard-MasterCard credit/charge cards rose 14% to reach 73 million. On the debit side, cards bearing Maestro, eurocheque and/or Cirrus brands kept their market lead with 210.1 million cards, a 14% increase. Nearly 194 million of these cards are Maestro branded. Europay’s acceptance networks broke the 300,000 barrier with the number of ATMs increasing by 21% to almost 305,500. The number of POS terminals accepting Maestro jumped 17% to reach over 2.7 million, while close to 5 million merchants now accept Eurocard-MasterCard cards, a 12% increase. The number of transactions generated by cards bearing Europay brands grew by 15% in comparison with last year, to reach 12 billion. Associated volume increased by 13% and passed the ‘1 trillion mark.
Freestar Technologies and EnelPunto.net announced the launch of
Freestar’ PaySafeNow on the EnelPunto Payment Gateway and established
Freestar’s Enhanced Transaction Secure System as the standard
e-commerce payment technology for EnelPunto’s online merchants.
“FreeStar’s PaySafeNow(C) protects the consumer while the ETSS
infrastructure delivers instant fund clearance for ATM card use and eliminates
the traditional risks of credit and debit cards,” commented Paul Egan,
President and CEO of Freestar Technologies, Inc.
“As the dominant e-business portal and payment gateway in the Caribbean,
accessing the extensive international Dominican communities of the US, Europe
and Latin America; EnelPunto needs to process ATM, Debit and Credit card
payments with the assurance of complete security for both merchant and
consumer,” said Raul Sanchez, General Manager for Enelpunto.net . “Superior
security and fraud elimination constitute compelling advantages unmatched by
other products. These products empower Enelpunto merchants with the business
tools necessary to support the expansion of electronic commerce. EnelPunto
believes the PaySafeNow and ETSS systems are fundamental to the success of our
online merchant services, which already include 50 clients. Marketing Project
999 by EnelPunto includes the PaySafeNow software and card device with an IBM
Aptiva PC to link merchants and consumers to the Enelpunto portal.”
The Pay Safe Now System with ETSS is endorsed and certified by Banco
Nacional de Credito, a division of the National Financial Group (GFN), a
principal financial institution in the Caribbean and Latin American region.
About the Products
ETSS enables hardware devices to authenticate “card-present” transactions
and its powerful encryption protocols support and ensure the security of
credit, debit and ATM (with PIN) transactions.
PaySafeNow(C) PIN Validation and online bank authorization eliminate both
fraud and charge-back risks to the merchant inherent in previous online and
Throughout each transaction, the customer has complete comfort in the
knowledge that their account data is neither seen nor stored by the merchant.
Enelpunto provides a secure and flexible e-commerce platform for
enterprises in Latin America in addition to being a leading online destination
in the Caribbean. The company offers a complete solution for B2C e-commerce,
consumer money transfer and online payment services. Enelpunto is a
subsidiary of GFN Corporation, a holding company which, through its
subsidiaries, provides insurance, reinsurance, banking, real state,
telecommunications and related services in several countries. Other GFN
Corporation subsidiaries and affiliates include Banco Nacional de Credito
(Bancredito), Compania Nacional de Seguros, Tricom, Bancredicard, Editora AA
and the San Isidro Free Trade Zone. For more information online, visit
About Freestar Technologies, Inc.
Freestar Technologies, Inc.’s Enhanced Transactional Secure Software
(“ETSS”) is a proprietary software package that enables consumers to
consummate secure e-commerce transactions over the Internet using credit,
debit, ATM (with PIN) or smart cards. The ETSS system integrates a
consumer-side card-swipe terminal with a back-end host-processing center. It
encrypts sensitive financial data at the consumer’s personal computer, using
powerful DES encryption and algorithms. It sends an authorization number to
the e-commerce merchant, rather than the consumer’s credit card information,
to provide a maximum level of security. The Company plans to link several
large, established smart card systems together on an ETSS-based standard to
achieve economies of scale and further market penetration for this secure
e-commerce payment system. For more information visit the Web site of the
Company’s ePayLatina Division at http://www.epaylatina.com.
In less than four weeks the most significant launch of ‘smart VISA’ cards in the USA will get underway. Target said yesterday it will start taking applications November 1st for the new ‘Target VISA’ to be issued by Retailers National Bank, an affiliate of Target. The launch is significant in both the potential number of smart cards to be issued and the number of EMV-compliant smart card terminals to be deployed. Target announced in June it will deploy smart card POS terminals in all 990 Target Stores by the spring of 2002. Target currently has 36.4 million retail credit cards and plans to convert millions of these accounts to ‘smart VISA’ cards. Target also expects to expand the functionality of its current rewards program offered under the ‘Target Guest Card’ program with the new smart card. The company currently operates 1,320 stores in 46 states including 990 Target stores, 266 Mervyn’s stores and 64 Marshall Field’s stores. Gemplus will provide smart cards and in-home readers for the Target ‘smart VISA’ program. VISA says it expects the Target program will contribute significant growth to the number of ‘smart VISA’ cards issued in the USA. VISA projects there will be about seven million ‘smart VISA’ cards-in-force by year’s end among all its current issuers. Providian, the biggest cheerleader of the ‘smart VISA’ card, broke through the one million card level in June, and intends to migrate nearly all its 17 million accounts to smart cards. Combined, Fleet and First USA have issued less than one million ‘smart VISA’ cards to-date. (CF Library 9/9/99;4/26/01;6/20/01;6/29/01; 8/16/01)Details
The Affiliate Membership Program of NACHA – The Electronic Payments Association has elected Mark Webster, CPA, CCM, a Partner with PricewaterhouseCoopers Management Consulting Services practice in Cleveland, Ohio, as Chairman of its Steering Committee. Webster succeeds Thomas J. Patrick of Sheshunoff Information Services, Inc.
“There is a quiet revolution going on in the payments industry,” said Webster. “Companies are exploring the use of new payments applications, and payment service providers are exploring new opportunities. NACHA’s Affiliate Membership Program is an excellent channel for companies to learn how developments in the Automated Clearing House Network will impact their businesses.”
Webster is a Partner in the PricewaterhouseCoopers’ Management Consulting Services practice focused on the financial services industry. He has over 25 years of experience in banking operations, payments systems, and treasury management. He also serves on NACHA’s Rules and Operations Committee.
“Mark Webster is a payments industry veteran,” said Elliott C. McEntee, President and Chief Executive Officer of NACHA. “He will provide strong leadership to NACHA’s Affiliate Membership Program as it seeks to expand its representation of corporate users of ACH products and services.”
NACHA’s Affiliate Membership Program now counts over 200 member organizations active in electronic payments. The program was established in 1986 to bring together companies that use the Automated Clearing House (ACH) Network. Membership provides the opportunity to influence the development of ACH rules, guidelines and practices. Membership has soared over the last two years from 140 to more than 200 organizations. The Affiliate Membership Program’s web site is .
Also elected to the Steering Committee for two-year terms were Bill Brushwood, Director of Product Management, CheckFree Corp.; Deborah Buckland, Product Manager, Payment Systems, Brokat Financial Services; Donald L. Hollingsworth, Assistant Treasurer, Ameren Corp.; David G. Pinch, Manager-ENS, PAYCHEX, Inc.; and Sandra L. Runyon, AAP, CCM, Associate Director, Electronic Remittance Operations, SBC Services, Inc. Thomas J. Patrick continues on the Steering Committee as the Past Chairman.
The ACH Network serves 20,000 financial institutions, 3.5 million businesses, and 100 million individuals. The ACH Network is commonly used for Direct Deposit of payroll and government benefits such as Social Security, Direct Payment of consumer bills, business-to-business payments, federal tax payments, and, increasingly, e-checks and e-commerce payments. In 2000 there were 6.9 billion ACH payments made worth more than $20 trillion.
About NACHA – The Electronic Payments Association
NACHA is the leading organization in developing electronic solutions to improve the payments system. NACHA represents more than 12,000 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT). Visit NACHA on the Internet at [www.nacha.org].
Bank of America confirmed Thursday plans to install more than 7,000 talking ATMs nationwide and Wachovia/First Union announced its first installation of audio-assisted ATMs. BofA says more than 3,000 of the new ATMs will be deployed by the end of 2002, with the rollout to be complete by the end of 2005. The bank currently has 500 talking ATMs installed in Florida and California. Talking ATMs provide audible instructions to persons who cannot view information on an ATM screen. The ATMs feature audio jacks that deliver spoken instructions through standard headsets. Wachovia’s First Union National Bank said Thursday it has installed 19 talking ATMs in Maryland, New Jersey and North Carolina and plans to install 100 more in Pennsylvania, Florida and Washington, DC. over the next nine months. Citibank, Bank One, Wells Fargo and Mellon have also begun a migration to talking ATMs. (CF Library 5/23/01)Details
Gelco Information Network, the largest and most experienced provider of e-business expense management and reimbursement programs, today announced that Maple Leaf Foods has selected ExpenseLink/Direct(R), a hosted web-based solution for automation of its travel and entertainment (T&E) expense management and employee payment request processes for Maple Leaf Food employees across U.S. and Canadian operations. Based in Toronto, Canada, Maple Leaf Foods is a leading, global food processing company.
Gelco automates the T & E expense management process for mobile employees by providing a user-friendly, web-based solution for easy and rapid expense processing and reimbursement. “We are pleased to have been selected by global leader Maple Leaf Foods to provide them an innovative technology and an unsurpassed expense management automation solution,” said Jon Klem, president and chief executive officer of Gelco’s Expense Management Group. “In today’s fiscal environment, it is cost effective for companies to outsource expense management to gain greater processing efficiencies and control over travel expenditures. Gelco automates each step of the T & E expense management process to provide Maple Leaf Foods with reduced operational costs, improved corporate efficiency, and increased productivity.”
ExpenseLink/Direct(R) allows automation of the entire expense management process from anywhere in the world, providing expense reporting, auditing and reimbursement, data analysis and paperless record keeping. Available anytime, anywhere, Gelco’s ExpenseLink/Direct(R) users simply create expense reports online, submitting them securely via the Internet. Users gain access through an Internet connection to enter travel expenses. Once completed, expenses are reimbursed within 72 hours via direct deposit to employee bank accounts. Corporate charge cards are paid directly according to their company’s payment schedule. Configurable client and server side business rules and automated workflow ensure maximum levels of control and accurate accounting.
About Maple Leaf Foods
Maple Leaf Foods Inc. is a leading global food processing company. Headquartered in Toronto, Canada, the Company employs more than 13,000 people at its operations across Canada and in the United States, Europe and Asia. Maple Leaf Foods reported sales of $3.9 billion in 2000.
Minneapolis based Gelco Information Network is a wholly owned subsidiary of HG Holdings, a multinational interest specializing in e-business products and services for mobile employees. Gelco has been providing travel expense management software and services for more than 35 years. As a whole, the company processed approximately $11 billion in reimbursements in 2000. The Expense Management Group serves over 1.9 million users in over 1,200 corporations and federal agencies, including Ericsson, The Toro Company, American Home Products, Reebok International, Ltd., and the United States Government (including Department of Defense, State Department and NASA).
Leveraging an e-business infrastructure through technology from Sun Microsystems, Cisco, Oracle, EMC and Microsoft, Gelco is the only company that provides its customers with complete expense and trade fund management solutions. Additionally, through its partnerships and private-label relationships, Gelco provides this e-business technology and infrastructure to application service providers and other providers of travel management services. Visit the Gelco web site at www.gelco.com.Details