Fleet Chooses Zeborg

Financial company seeks insight into corporate-wide spend to help boost efficiencies

New York — May 30, 2003 — FleetBoston Financial Corporation, through its subsidiary, Fleet National Bank, has licensed an enterprise spend visibility solution from Zeborg to assist in meeting the company's efficiency and cost reduction goals.

The seventh-largest financial holding company in the United States, with assets of $190 billion, FleetBoston will use Zeborg's ExpenseMap solution, which provides visibility into enterprise-wide spending.

Zeborg says that ExpenseMap, Web-based software, captures financial data from multiple systems and converts it into procurement intelligence, which can be leveraged to identify and drive efficiency initiatives. The provider says its solution combines procurement software, consulting services and content to help reveal spending patterns, identify efficiency opportunities and ensure that suppliers and internal business units comply with corporate purchasing strategies.

"ExpenseMap provides us with another vital tool to define, deliver and track our efficiency programs, helping Fleet achieve operational objectives," said Alex Zornig, director of strategic efficiencies at the financial company.

Zornig explained that the company's strategic efficiencies initiative is focusing on non-employee related expenses and "practical" actions to reduce costs. "Through the sophistication of the Zeborg product, we know that the choices implemented through the initiative will not jeopardize our commitment to best serving Fleet's customers and employee," Zornig added.