HOUSTON & MINNEAPOLIS--(BUSINESS WIRE)--April 4, 2007--U.S. Bank
Corporate Payment Systems, a division of U.S. Bancorp and one of the
world's largest issuers of Visa(R) purchasing cards, and Paymetric,
Inc., a provider of innovative payment card software solutions, have
entered into a partnership agreement to enable organizations to manage
purchasing cards within SAP, industry leading enterprise resource
planning software, to take full advantage of SAP's controls, data,
management capabilities and underlying business processes.
Paymetric XiBuy allows U.S. Bank customers to seamlessly integrate
their U.S. Bank Purchasing Card data into their SAP systems and their
procure-to-pay processes, further leveraging these investments and
reducing the number of offline systems.
"Together, U.S. Bank and Paymetric can provide better value to our
Visa and MasterCard clients. We've developed a joint approach to
introduce and deliver the unique benefits of Paymetric's XiBuy, and a
U.S. Bank Purchasing Card program," said Robert Abele, president, U.S.
Bank Corporate Payment Systems. "Purchasing card transaction data can
be loaded directly from U.S. Bank into SAP with no separate system or
database to maintain and provides clients with real-time access to
transaction data." XiBuy resides within SAP, allowing purchase orders
to be paid with a purchasing card and reconciled automatically to
streamline operations and improve efficiencies.
Utilizing XiBuy can reduce the cost of transaction processing,
improve the visibility and control of purchasing card spend, and
extend the use of purchasing cards into new spend categories. Designed
exclusively for SAP and for purchasing card programs, this solution
delivers a new model for SAP businesses looking to optimize cards as
part of a single, complete accounts payable solution. XiBuy has earned
"Powered by SAP NetWeaver(R)" certification.
"U.S. Bank clients can now leverage their investment in SAP
through XiBuy and gain additional process savings by using the U.S.
Bank Purchasing Card as a preferred payment method for purchase order
spend," stated Chad Wilkins, senior vice president, U.S. Bank
Corporate Payment Systems. "Efficiencies are gained by being able to
allocate, approve and reconcile purchasing cards transactions within
SAP, thereby synchronizing the processes used to manage U.S. Bank
Purchasing Card programs with those used for purchase orders."
"The ability of XiBuy to facilitate higher dollar purchases to be
paid via purchasing cards within SAP without losing control, audit or
visibility is a huge benefit to both Paymetric and U.S. Bank
Purchasing Card clients, and one of the primary reasons for this
agreement," said Steve Putney, president of Paymetric. "Using XiBuy,
organizations can expand into new spend categories without
compromising risk and controls. Our sophisticated transaction
allocation and approval strategies enable users to accurately account
for purchases and our purchase order capabilities help clients extend
their program beyond traditional purchases with a new payment method."
Paymetric participated in the 2007 U.S. Bank Financial Supply
Chain Conference, March 20-22 in Dallas. This event provided U.S. Bank
clients with hands-on demonstrations of how U.S. Bank and Paymetric
can help drive processing efficiencies and cost savings.
About Paymetric, Inc.
Paymetric, Inc. provides software applications that manage and
protect payment card transactions in complex payment environments
enabling companies to improve return on card acceptance, expand
purchasing card programs and comply with data security
standards. Paymetric is an Austin Ventures portfolio company, an
award-winning SAP Software Partner and an SAP Pinnacle award
recipient. Visit www.paymetric.com for additional information.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $219 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,472 banking offices and 4,841
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bank
Teri Charest, 612-303-0732
Tim Girgenti, 713-895-2000
SOURCE: U.S. Bank Corporate Payment Systems