SDCExec.com |

San Francisco and Minneapolis – July 30, 2009 – Visa Inc. and U.S. Bank, the lead bank of U.S. Bancorp, this week announced the creation of Syncada – a joint venture that provides a B2B network for corporations and governments to process and track invoices, make and receive payments around the world, and have payables or receivables financed through local and global financial institutions.

Syncada combines Visa's commercial payment services to financial institutions and experience with managing a multi-bank network with U.S. Bank's PowerTrack, an automated B2B e-invoicing, payment processing and trade finance network. 

The companies said the venture allows financial institutions of all sizes to offer their commercial clients standardized B2B invoice processing, financing and payment services across a variety of payment types and local currencies. Financial institutions can also build transaction and credit-based treasury management business by offering the network's services to buyer and supplier clients. 

Syncada is an extension of the vision of both Visa and U.S. Bank to provide companies and governments a more efficient way to pay and be paid by replacing inefficient, paper-based B2B processes with an integrated, fully electronic financial supply chain platform.  

Participants in Syncada's network of buyers and suppliers are expected to be able to lower costs by eliminating paper processes, reduce billing and payment errors, enable a more accurate accounting of spending by category, and improve management of working capital and global cash needs.

Syncada has begun operations and initially serves U.S. Bank and its legacy client base from the PowerTrack network, which serves hundreds of customers, interacts with thousands of suppliers and processed over $18 billion in invoices in 2008. U.S. Bank will continue to work with its customers uninterrupted through the Syncada network.

"Syncada complements Visa's core payments business by expanding our capabilities in B2B supply chain management," said Joseph W. Saunders, chairman and CEO of Visa Inc. "By investing in this leading platform, we can offer Visa's financial institution clients around the world access to Syncada's services, backed by a comprehensive sales and support infrastructure that will help extend the reach and capabilities of Visa's commercial product suite."