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GELCO AND FIRST BANK TEAM UP TO PROVIDE NO-FEE CORPORATE CARD

 GELCO AND FIRST BANK TEAM UP TO PROVIDE NO-FEE CORPORATE CARD
 MINNEAPOLIS, June 23 /PRNewswire/ -- FBS Card Services, Inc. and Gelco Payment Systems, Inc. today announced that they would provide a no-fee corporate card for business travel and entertainment use that expands companies' cash management capabilities. The card also provides more expense reporting information than is currently available from other corporate cards.
 Gelco, a leader in providing employee expense reimbursement and management services, currently processes payments for half of the nation's top 1,000 companies. FBS Card Services is a subsidiary of First Bank System (NYSE: FBS) and is the largest provider of Visa Corporate Cards with a 21 percent share of Visa's portfolio.
 First Bank Visa can offer a no fee card because it utilizes Gelco's Traveletter Direct(R) product which speeds up the payment process. Traveletter Direct lets employees report T&E expenses by using touch tone phone and in the near future, through laptop computer. Employees receive an immediate reimbursement through direct deposit into their bank accounts. For companies, Traveletter Direct records and consolidates employees credit card expenses and makes a single payment to First Bank Visa, giving the company maximum float on their funds. Traveletter Direct also provides electronic data to update the company's general ledger. The management information provided through the card will be further enhanced in late 1992, when the data will be broken into categories such as cost per hotel room night, cost per meal by vendor and by specific location where the expense occurred .
 The First Bank Visa Corporate Card is accepted at 9.5 million merchant locations and provides cash access through 100,000 automated teller machines (ATMs) and 345,000 financial institutions.
 "Combining First Bank's Corporate Card with Gelco's reimbursement process provides a complete T&E information source for business," said Chuck Buckner, Gelco's senior vice president of sales. "Travel managers have more detailed information than before in order to strengthen negotiating positions with suppliers, and financial managers will have a single source of data for general ledger updates."
 Kathy Marinello, business manager for First Bank's Corporate Card said, "This alliance assists us both in meeting our mutual strategic objectives of providing a flexible employee T&E expense management program that can be tailored to meet the specific needs of our numerous corporate clients."
 Gelco Payment Systems is a Minneapolis-based service company providing corporations and government innovative solutions to their payment needs for nearly 100 years.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $18 billion.
 -0- 6/23/92
 /CONTACT: Ginger Venable of Gelco Payment Systems, 612-832-3675, or Wendy Raway of First Bank System, 612-370-5154/
 (FBS) CO: First Bank System; Gelco Payment Systems ST: Minnesota IN: FIN SU: JVN


DB -- MN004 -- 2803 06/23/92 11:15 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:466
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