MasterCard and Gelco Align to Deliver Integrated Expense Management Solutions to Public Sector and Middle Market Entities.Business Editors PURCHASE, N.Y. & MINNEAPOLIS--(BUSINESS WIRE)--Feb. 26, 2002 MasterCard MasterCard Worldwide (NYSE: MA) is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded debit- and International and Gelco Gelco is a business process management company specializing in employee expense management. [1] History In 1894 Edgar A. Walz, [2] Information Network, a leading travel expense management company, today announced an alliance to help support MasterCard's public sector and middle market payment solutions. Through the alliance, MasterCard issuers and their public sector and mid-sized business customers will be able to fully automate To turn a set of manual steps into an operation that goes by itself. See automation. expense processing by using MasterCard's Multi Card program and Gelco's expense management solutions. "MasterCard's alliance with Gelco allows member financial institutions and their customers the ability to fully automate expense processing by combining the power of MasterCard's Multi Card program with a leading web-based expense management system," said Philip Philliou, vice president, e-Business and Emerging Technologies (eB2B), MasterCard International. "With Gelco's unmatched expertise in travel expense management and MasterCard's state-of-the-art Central Data Repository See repository. , we can offer comprehensive solutions that combine efficiency with more control over an organization's expense-related data." Public Sector Combining MasterCard's suite of public sector payment solutions, including the MasterCard Public Sector Multi Card, with Gelco Travel Manager(R) will provide public sector companies with timely and accurate expense management information to gain increased controls. Furthermore, the combined solution will assist in identifying spending trends, realizing potential cost savings and enabling customers to make better financial decisions. Gelco Travel Manager, an enterprise expense management solution, is the recognized industry standard for public sector organizations including federal, state and local governments, universities and government contractors A government contractor is a private company that produces goods or services under contract for the government. Often the terms of the contract specify cost plus – i.e., the contractor gets paid for its costs, plus a specified profit margin. . By implementing the Gelco/MasterCard solution, these organizations can: -- Improve cost reduction and policy compliance -- Drive savings through supplier negotiation -- Enforce supplier contracts and discounts -- Maximize their card program -- Focus strategic resources Benefits to MasterCard issuers include improved speed to pay, centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. aggregated payments, reduced delinquencies, and when bundled with other card offerings, opportunities to grow sales. It also simplifies the charge process and has the potential to increase card spend. Mid-Sized Businesses For mid-sized businesses, Gelco ExpenseLink(R) offers a complete, outsourced end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. expense management solution for cost-effectively automating expense processing, auditing, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , and expense analysis. ExpenseLink empowers organizations to harness true expense processing expertise, gain economies of scale by outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , leverage a demonstrated technology infrastructure and provide business travelers with an easy-to-use responsive system. Gelco's expense management services coupled with MasterCard's suite of corporate programs offers commercial customers an immediate, measurable and sustainable return-on-investment by: -- Realizing savings in total travel expenditures -- Improving supplier negotiations, savings and performance -- Reducing administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and gaining efficiencies -- Improving cash management "Gelco is committed to providing its customers with the resources and tools they need to manage expenses," said Jon Klem, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Gelco Expense Management. "Working with MasterCard, we can deliver a powerful combination of global payment solutions and e-business efficiencies to our public sector and corporate customers. The Gelco and MasterCard alliance increases traveler and back office productivity while enhanced data provides clearer travel spending trends and improved card program compliance." MasterCard is at the forefront of today's e-Business initiatives, and is a leading provider of purchasing, fleet, and travel payment solutions for public sector and middle market entities. Using leading-edge technology, the MasterCard Multi Card has the ability to combine purchasing, fleet and T&E data on one payment platform. The new alliance with Gelco builds on MasterCard's long history of innovation. MasterCard was the first payment solutions provider to launch a purchasing card A Purchasing Card is a form of company credit card that allows goods and services to be procured without utilising a traditional purchasing process. Purchasing Cards are usually issued to employees who are required to operate within a set of company rules and guidelines which program, the only organization to offer a fuel and maintenance fleet card solution, as well as offering the only true "one card" solution in the market. About MasterCard MasterCard International is a leader in global e-business. The association is focused on providing its member financial institutions with customized, meaningful global e-business solutions that connect them to their accountholders. Through its investment in industry innovation, participation in standards development and business alliances, MasterCard is staying in the forefront of technology integration to enable anytime, anywhere payments across multiple channels and various devices. MasterCard's global e-business solutions include Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. , smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. , mobile commerce/wireless, business to business electronic commerce, and numerous emerging technologies. MasterCard International has a comprehensive portfolio of well-known, widely accepted payment brands including MasterCard(R), Cirrus(R) and Maestro (1) (Maestro NT) An earlier name for scheduling software for Windows NT from Tivoli Systems, Inc. When IBM acquired Tivoli in 1996, the program was renamed IBM Tivoli Workload Scheduler. (R). More than 1.7 billion MasterCard, Cirrus and Maestro logos are present on credit, charge and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. in circulation today. An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is a leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard's award-winning Priceless price·less adj. 1. Of inestimable worth; invaluable. 2. Highly amusing, absurd, or odd: a priceless remark. (R) advertising campaign is now seen in 80 countries and in 40 languages, giving the MasterCard brand a truly global reach and scope. With more than 22 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. At September 30, 2001, gross dollar volume exceeded US$704 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com. About Gelco Gelco Information Network is the largest and most experienced provider of e-business expense management and reimbursement programs. Since 1896, Gelco has been providing a comprehensive expense management solutions to help organizations realize travel and expense cost savings by enforcing policy compliance, gaining processing efficiencies, and capturing comprehensive travel data for enhanced supplier negotiations and spending analysis. The Gelco solution empowers organizations, federal agencies along with state and local governments with a complete suite of services for cost effective web-based expense reporting, auditing, reimbursement, and analysis services. In 2000, Gelco processed over $11 billion in expense payments and serviced over 1200 organizations with 1.2 million users. For more information, visit http://www.gelcoexpense.com. |
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