Governments Announce Cost Savings, Innovative Programs at Visa Conference

Thursday 23 October 2003 07:35 CET | News

Delegates from 23 countries that represent over US$5 trillion in government spending examined how to boostgovernment efficiency by up to 70 percent at the fifth annual Visa International Government Services Conference.

In addition to new tools, new benchmark data, and new initiatives to make government efficiency a strategic process, Visa and its participating banks highlighted growth in government services programs to include over 1000 active programs in more than 20 countries. A major outcome of the conference was dissemination of new data on the operational efficiencies attained by using Visa products for government procurement and travel, including savings totaling US$1.4 billion per year for the U.S. federal government program, and 108 million pounds sterling cumulative for the relatively newer U.K. government program. A raft of new studies documents how improvements in business process time, cost avoidance, and vendor and employee compliance can more than double government efficiency. These studies include the annual analysis from the U.S. and U.K. government card programs, as well as independent analysis from Deloitte Consulting and rigorous academic research from Richard Palmer, Mahendra Gupta, and others. Other key results from the conference include: - Announcement of new Visa government programs including several new federal, state, and local initiatives in Brazil, a new state program in Costa Rica, and the adoption of Visa cards by the U.S. Department of Homeland Security making more than 75 percent of U.S. federal government card spending on a Visa product - Substantial U.K. government attendance to discuss expansion plans, such as local and specialized agency deployment and travel card implementation, under the exclusive five-year contract with Visa - Global launch of a new Procure-to-Pay toolkit that enables banks and governments to analyze best management practices, set realistic goals, and maximize cost savings for government procurement - Sharing of best practices to enforce a zero tolerance approach to government card misuse and highlighting the lack of controls for traditional paper-based procurement and travel spending - Recommendations from the U.N. Conference on Trade and Development to ntegrate government procurement with broader strategies for e-commerce and e-finance growth among developed, transitional, and developing countries - Presentation of a new Puerto Rico government program that improves distribution of loans to small and medium enterprises using Visa Business cards - Identification of supplier benefits in accepting Visa government cards for payment, including accelerated collection of accounts receivable and participation in government e-procurement marketplaces - Demonstration of key Visa information management technologies, and substantive discussion of the role of enhanced data to manage spending, control costs, and improve employee oversight

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Categories: Payments & Commerce | Payments General
Countries: World
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