MINNEAPOLIS, Dec 1, 2003 (BUSINESS WIRE) -- PowerTrack(R), an electronic,
business-to-business payment platform from U.S. Bank Corporate Payment Systems,
was recently added to the General Services Administration's (GSA) Federal Supply
Schedules Contract list, which allows federal customers to acquire more than
four million products and services directly from approximately 8,600 approved
commercial suppliers. In effect, this list allows agencies to buy goods and
services--from approved vendors--without first having to navigate lengthy
request for proposals (RFP) processes.
The GSA's Federal Supply Schedules--also known as Multiple Award Schedules
(MAS)--are contracts that cover a vast array of commercial items. The contract
represents a significant win for PowerTrack with federal agencies, and also
gives PowerTrack access to a slew of state and local agencies that use the MAS
as a basis for much of their procurement processes.
"We take pride in offering better solutions to support government services and
missions and we are excited about the opportunity to work with even more
government agencies," said Richard G. Langer, general manager for PowerTrack.
"Over the past six years, we have developed strategic relations with service
agencies throughout the Department of Defense, and we've saved them millions of
dollars in transaction processing costs. We have also assisted the General
Services Administration, Department of State, and Department of Homeland
Security in making their payment processes more efficient."
GSA awards MAS contracts to responsible companies that offer commercial items
falling within the generic descriptions in the GSA Schedule solicitation.
Contracting Officers determine whether prices are fair and reasonable by
comparing the prices/discounts that a company offers the government with the
prices/discounts that the company offers to its commercial customers. The
negotiation objective is commonly known as "most favored customer" pricing.
"Whether you operate in the government circles or the commercial sector,
seamless data integration and process automation are key factors in cutting
costs from everyday business operations like billing and payment," Langer added.
"PowerTrack delivers the capability to automate the entire payment process."
PowerTrack is a patented, electronic, business-to-business payment platform from
U.S. Bank Corporate Payment Systems. Some of the country's largest commercial
and government organizations use PowerTrack to streamline business-to-business
payment processes by enabling robust pre-payment audits, real-time exception
identification, collaborative resolution, and integrated accounts payable and
accounts receivable processing. PowerTrack pays sellers quickly while
maintaining generous payment terms for buyers, reduces collections risk for
sellers, and delivers exceptional control for cash managers. PowerTrack
processes more than 17 million electronic trade documents annually with more
than 21,000 registered users from more than 2,200 geographic locations
worldwide. To learn more about PowerTrack or for a demonstration, call (800)
417-1844 or visit PowerTrack on the web at powertrack.com.
U.S. Bancorp (NYSE:USB), with assets of $189 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,201 banking offices and 4,506 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is home of the
Five Star Service Guarantee, which assures customers of certain key banking
benefits and services or customers will be paid for their inconvenience. Visit
U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bank
CONTACT: U.S. Bank
Corporate Payment Systems
Dan Endy, 612-973-6901
Amy Frantti, 612-303-0733
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Copyright (C) 2003 Business Wire. All rights reserved.
SOURCE: U.S. Bank