MINNEAPOLIS -- (BUSINESS WIRE) --
Syncada from Visa announced today that its global financial supply chain network processed more than $21 billion in payments during 2011, a substantial increase from 2010 and a record in annual payments for the company.
"Creating efficiency in the financial supply chain has a direct, monetary benefit for banks and corporations, and the dramatic boost in payments processing demonstrates that our customers recognize Syncada's value more and more," said Kurt Schneiber, Chief Executive Officer of Syncada.
Last year's record volume includes transactions processed using Syncada's key features of invoice processing, invoice financing, and payment. Syncada's end-to-end financial supply chain solution allows financial institutions of all sizes to offer their commercial clients standardized business-to-business (B2B) invoice processing, financing, and payment services across a variety of payment types and local currencies. Corporations and governments use Syncada to improve their financial supply chains, promoting automation, visibility, and collaboration to create leaner, more competitive enterprises.
"Our processing record is both a milestone and a stepping stone, and it reinforces our commitment to excellence and to all members of the Syncada network, both current and future," adds Schneiber.
About Syncada
Syncada from Visa provides a business-to-business network for financial institutions to enable their clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Working with the banks of buyers and suppliers, Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of sellers in 47 countries. In 2011, Syncada processed more than USD $21 billion payments and millions of invoices and trade documents. Visit www.syncada.com for more information.
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CONTACT:
Syncada
Kara Pritchett, 612-436-6311
kara.pritchett@syncada.com