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Visa Multinational Program Expands to Fifty Countries

Thursday 6 November 2003 21:39 CET | News

New data shows that Visa International is now able to support multi-country travel and purchasing card issuance in 50 countries under the Visa Multinational Program, which helps global enterprises reduce accounting costs and manage corporate spending.

Accelerated by economic trends, expanded data solutions, and Visas first-ever Multinational Member Forum in March this year, Visa announced that a growing number of banks and corporations are choosing Visa Commercial Solutions. Banks Expand Program to 50 Countries Visa announced that more than 30 global commercial banks have now officially committed to the Visa Multinational Program. This network of banks now allows Visas procurement and travel solutions, known respectively as Visa Purchasing and Visa Corporate, to be issued and locally supported in over 50 countries and territories. For multinational enterprises, this allows chief financial officers and senior executives to review and manage employee spending across the entire organization and its locations. Visa Multinational Offering Scores Well in Competitive Assessment According to a blind study produced for Visa by a major consulting firm, Visa scores well on top criteria for choosing a multi-country card program. These include the extent of brand acceptance, the ability to deliver both purchasing and travel cards globally, and robust capabilities to deliver consolidated spending data in customized electronic formats at both the local office and headquarter level. Survey results confirmed that Visas global brand and outstanding purchasing and travel card solutions were well-recognized strengths. And according to the study, Visas delivery of sophisticated data services on a multinational basis now rivals other brands in the ability to provide specialized tools and highly customized data extracts delivered at client-defined schedules. Multinationals Choose Visa Client response has been extremely positive. Based on internal reporting by participating issuers, Visa estimates that some 500 multinational corporations are utilizing Visa Purchasing or Visa Corporate cards either as part of a cross-border Visa Multinational Program or through a single-country program. Strong expansion is expected over the next 12 months, with Visa issuers currently in discussion with more than 50 multinational corporations on either purchasing or travel card programs-or both. Visa does not directly track card sales volumes by multinational corporations, although it is estimated that multinational usage represents US$40 billion or more of Visas commercial product sales volume on an annual basis. A broad cross-section of industry sectors have shown significant recent growth in multinational corporate use of Visa Commercial Solutions, including telecommunications, pharmaceuticals, petroleum, logistics/shipping, paper products, and chemicals. Key countries include the United States, Canada, United Kingdom, Spain, Switzerland, Brazil, Japan, Singapore, and Malaysia, and issuers report that the interest in multi-country solutions is growing. One major issuer has reported that their prospective multinational clients are seeking, on average, the capability to support card programs across twelve countries, and that three of their clients have each needed coverage of over 30 countries. To date, the Visa Multinational Program has attracted more than 30 issuers in 5 of Visas 6 operating regions. Issuer commitments include: - European Union -- ABN AMRO, Banco Bilbao Vizcaya Argentaria (BBVA), Bank Card Company, BNP Paribas, Company Barclaycard, Deutsche Bank SpA, DnB Kort, Dresdner Bank, GE Corporate Payment Services, HSBC Bank plc, The Royal Bank of Scotland Group, Santander Kartenservice, Societe Generale, UBS AG - Asia/Pacific -- ANZ Banking Group, Bank of New Zealand, Hana Bank, HSBC, KDB Capital, National Australia Bank, Sumitomo Mitsui Card Co. Ltd., United Overseas Bank - Latin American & Caribbean -- Banamex, BBVA Bancomer, Bradesco - United States -- Bank of America, JPMorganChase, U.S. Bank, Wells Fargo Bank N.A. - Canada -- Bank of A


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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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