Visa and US Bank establish joint venture

30 July 2009

Visa and US Bank have launched a new joint venture aimed at corporations and governments.

Named Syncada, the firm will enable business-to-business customers to make and receive payments, track invoices and receive money through a network of financial institutions.

The service, which uses the PowerTrack automated finance network, aims to cut down on payment and billing errors, reduce costs, improve the accuracy of accounting and open up finance access.

Visa will provide risk management, marketing and sales support for Syncada and Joseph Saunders, chairman and chief executive officer, noted that the new firm will help extend the payments company's "reach and capabilities".

"We can offer Visa's financial institution clients around the world access to Syncada's services, backed by a comprehensive sales and support infrastructure," he explained.

Earlier this month, Visa announced it is trialing a text message-based banking notification service in Europe.

The system enables users to receive a message every time their credit or debit card is used in a bid to cut down on fraud.

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