Visa Introduces Corporate Spending Observation Solution
By Ikenna UGWU
Visa today introduced Visa IntelliLink Spend Management, a web-based data reporting and expense management solution that helps organizations to better monitor and control corporate spending patterns.
Visa IntelliLink Spend Management was launched globally in 2009 and is offered by more than 35 financial institutions across Asia Pacific, Central Europe, Middle East and Africa.
“By monitoring compliance to business spending policies, Visa IntelliLink Spend Management can help companies manage corporate expenditure and identify opportunities for savings,” said Ade Ashaye, Country Manager for Visa West Africa.
The integrated solution is targeted at card programme managers, finance managers, procurement managers, travel managers, employee cardholders, and auditors who can use it to effectively monitor, control and manage expenses incurred by employees who are spending on behalf of their company. It also enables them to enhance operational efficiencies to achieve process cost savings. Visa IntelliLink Spend Management will benefit employee cardholders who will be able to verify their expenses and manage expense claims more easily.
Visa IntelliLink Spend Management integrates with the suite of Visa B2B payment products and is provided by Visa and offered by financial institutions around the world. It is fully accessible on the web, which means that there is no additional hardware or software cost to implement the solution.
“With the on-going changes in financial reporting and the current cashless Lagos project, Nigerian companies are increasingly adopting global standards for reporting, accounting and expense management. The addition of Visa IntelliLink Spend Management to our core Commercial Card payment offerings means that corporate enterprises and public sector institutions can benefit from flexible solutions that improve reporting and control,” continued Ashaye.
Visa IntelliLink Spend Management incorporates various modules to help analyse and compare transactions to business spending policies whilst also making spend information easily accessible. Furthermore, it provides organisations with relevant information that supports cost reduction, improved use of funds and better management of business operations and cash flow processes. The platform can be customized to fit an organisation’s processes and policies.
The use of the solution for an organization is optimal when used together with a Corporate Card for travel and entertainment (T&E) expenses, and with a Purchasing Card for maintenance, repairs and operations (MRO) expenses as this gives the company a full overview of all employee spend.
Alongside Visa IntelliLink Spend Management, Visa is also introducing data-delivery capability that will enable companies and government entities that make use of Visa corporate cards to integrate spend data with their existing Enterprise Resource Planning (ERP) systems, such as SAP and Oracle.