Commonwealth of Virginia Selects GE's Corporate Card for Purchasing, Travel

Cost savings, controllership key goals of new statewide card program

Richmond, VA and Salt Lake City, Utah — December 9, 2005 — Following an extensive market evaluation and request for proposal (RFP), the Commonwealth of Virginia (COV) is providing MasterCard purchasing and travel cards to employees, agencies and other participants in its statewide card program.

As of October 2005, Corporate Payment Services (CPS), the commercial card unit of GE Consumer Finance, supports the COV program.

COV will also be implementing vPayment, the CPS electronic settlement tool that provides additional controls and data capture compared to traditional purchasing cards.

Online Program Management and Reporting proved a key factor in COV's decision to select CPS. Other factors include the transaction automation and ease of financial system integration offered by SAM, the CPS reporting system, as well as GE's quality consulting and account management services. MasterCard's merchant acceptance was also critical.

Our evaluation team weighed multiple card issuer proposals based on technology, product capabilities, customer service and pricing, said James Fisher, director of Administrative Services, Department of Accounts. We looked for the optimal fit with our goals of product capabilities and controllership.

Jeffery Dye, president and CEO of Corporate Payment Services, commented, The tools and support we provide to the Commonwealth of Virginia will help them to continue fulfilling the public trust with a high degree of efficiency, financial transparency and continuous improvement.

In the mid 1990s, the Commonwealth of Virginia established several initiatives for enhancing efficiency and effectiveness of State fiscal operations. One such initiative was the employment of a purchasing card program for its agencies, institutions and political subdivisions. The program provides the ability to make small purchases through the use of a procurement card thereby reducing the number of vouchers and subsequent payment tools (e.g., check, EDI transmission) required. Approximately 250 state agencies, institutions and political subdivisions have obtained over 13,000 cards for use in the purchase card program.

Secondly, the Commonwealth issued a statewide travel charge card program that incorporates the Comptroller's travel policies and procedures. This program provides employees of state agencies and institutions an opportunity to use an employee liability travel charge cards for official travel and related expenses. Approximately 8,000 employees at 125 state agencies, institutions and political subdivisions are participating in the travel charge card program.

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