Remedy and U.S. Bancorp Provide Complete Online Purchasing Solution; Alliance Automates and Speeds Purchasing Process From Requisition to Payment.
MOUNTAIN VIEW, Calif. and MINNEAPOLIS--(BUSINESS WIRE)--April 25, 2000
Remedy(R) Corp. (NASDAQ:RMDY), the world's leading provider of eCRM and eBusiness Infrastructure solutions, and U.S. Bancorp (NYSE:USB), the world's largest issuer of purchasing cards, today announced an alliance to integrate U.S. Bank's payment products and processes with Remedy's eProcurement solution. The two companies will create an end-to-end solution to automate the corporate purchasing process from requisition through payment using Remedy Purchasing@Work(TM) and U.S. Bank's payment solutions. This alliance allows Remedy to extend the benefits of Remedy Purchasing@Work to U.S. Bank's 500+ Purchasing Card customers.
"U.S. Bank adds tremendous value to Remedy's eProcurement solution," said Gary Oliver, vice president and general manager of eBusiness Infrastructure Solutions at Remedy. "Companies can gain significant bottom line improvements by linking Remedy's automated routing and approval solution to the cost control offered by U.S. Bank's payment solutions. Our joint customers can improve their eProcurement environments and gain a competitive advantage in the Internet economy."
According to Mark Coronna, senior vice president of the Electronic Payment Services group at U.S. Bank, "This integrated solution replaces paper-based processes with a fully automated electronic buying, payment, and reconciliation infrastructure. The combination of our payment solutions and Remedy Purchasing@Work creates a more efficient procurement process and results in increased savings on administrative costs."
Remedy Purchasing@Work allows corporate end-users to make purchase requests online, and automates the approval and notification processes to speed up the completion of the purchase request. Once the purchase has been made, the solution is flexible enough that the customer can have either Remedy Purchasing@Work or U.S. Bank reconcile the transaction, depending on the customer's requirements. With the benefit of a single monthly invoice for all purchases made via U.S. Bank payment solutions, finance departments spend less time processing financial transactions, and provide a positive impact on the bottom line by reducing overall procurement costs.
"With an increasing number of companies adopting an eBusiness model, the need for fully integrated procurement and payment systems is becoming more significant," said Kip Martin, program director for META Group's Electronic Business Strategies service. "More companies we speak with want to streamline business processes by consolidating previously separate software and services. The resulting cost-savings from improved procurement practices, and the improved service for internal customers and external business partners, are compelling justifications for eBusiness investments."
U.S. Bancorp Payment Products
U.S. Bank's payment products, including the U.S. Bank Visa(R) Purchasing Card and PowerTrack(R), an Internet-based business to business payment service for the freight industry, allow companies to enable their employees to efficiently order products and services from vendors. The purchasing card virtually eliminates the time and cost associated with handling requisitions, purchase orders and check requests. The company can also set controls on the amount spent and types of vendors where the card can be used. Through a totally electronic process, PowerTrack virtually eliminates the costly and manual steps involved in the traditional freight payment process, which can run between $20 to $50 an invoice. With both products, transaction data is electronically consolidated by U.S. Bank and seamlessly integrated into the company's enterprise accounting system, making it available to the company for analysis and decision making purposes. Vendors welcome these payment products because they no longer need to send out invoices, they are paid within one to three days improving their cash flow and their accounts receivable risk is virtually eliminated. In addition, U.S. Bancorp provides a wide range of industry-leading payment products, addressing the travel, fleet management and relocation needs of major corporations and government entities. U.S. Bancorp's Merchant Payment Services division is a top ten acquirer of bankcard transactions.
Remedy Purchasing@Work is a Web-centric, self-service solution that provides full lifecycle capability to an automated procurement process. It streamlines, controls and monitors the complete purchase process for non-production materials and services. Links to online catalogs consolidate information from multiple suppliers, provide easy access to accurate and timely product selection and pricing, and reduce maverick spending by encouraging buying from approved vendors. Automatic routing, approvals and notifications significantly reduce the time consumed by manual requisition tracking, and provide visibility and status checking at each stage of the process, from pricing through approval, order placement, and receipt. Accurate reporting lets purchasing personnel focus on more strategic initiatives, such as supplier consolidation, inventory management, and improving supplier performance, delivering significant savings to the bottom line.
About U.S. Bancorp
Minneapolis-based U.S. Bancorp, with $82 billion in assets, is the 11th largest bank holding company in the nation and operates approximately 1,000 banking offices in the Midwest and West. The company provides comprehensive banking, trust, investment and payment systems products and services to consumers, businesses and institutions. It operates a network of 5,300 ATMs and provides 24-hour, seven-days-a-week telephone customer service. The company offers full-service brokerage services at approximately 100 offices through U.S. Bancorp Piper Jaffray. The company is the largest provider of Visa corporate and purchasing cards in the world, and is one of the largest providers of corporate trust services in the nation. For further information, please visit the U.S. Bancorp Web site at http://www.usbank.com
Remedy (NASDAQ:RMDY) is the world's leading supplier of eCRM and eBusiness infrastructure solutions. With over 8,400 sites in production, more organizations use Remedy products for eCRM and eBusiness Infrastructure management than any other solution. Remedy delivers service solutions that accelerate an organization's move to eBusiness and raise its agility to continually differentiate from competitors. Remedy's fast deployment programs and radical adaptability enable organizations to move more quickly to an eBusiness model, and to do so in a differentiated way. By focusing on internal and external service as competitive differentiators, Remedy's customers continually improve both their customer interactions and internal operations to raise satisfaction and lower costs. More information on Remedy, its products and services is available on the company's Web site at www.remedy.com.
Remedy, Remedy Corporation & Design, and Remedy Purchasing@Work are trademarks of Remedy Corporation, Mountain View, California, which are registered or pending in certain jurisdictions. All other trademarks are the property of their respective owners.
NOTE TO EDITORS: In the product name Remedy Purchasing@Work noted in this news release, there is an "at" symbol between Purchasing and Work. This symbol may not appear properly in some systems.