Visa Offers Meetings Card with Arcaneo

In response to growth in global spending on meetings, incentives, conferences and exhibitions, Visa Inc. yesterday announced the addition of the Visa Meetings card to its suite of commercial payment solutions to help businesses more strategically manage this expense category.

According to research by the Aberdeen Group, a meetings card ranks the highest among corporate expense managers as the most cost effective method for managing meetings and related expenses. Current growth in spending in this category is driving demand for effective expense management tools to help businesses control costs and manage their meetings spending, which is expected to reach $86 billion annually in the U.S. alone in 2008 according to research by PhoCusWright Inc.3
The Visa Meetings card includes the features of the existing Visa Purchasing and Visa Corporate payment cards. This combination offers a flexible procure-to-pay solution to help companies simplify the process to purchase, pay, reconcile and report on meetings-related expenditures. The new card provides corporate expense managers the ability to tailor a card program to meet their specific company needs while helping them to reduce costs, streamline operational and payment processes and make more informed business decisions.

Visa also incorporates card transaction data into the meetings management system of its partner Arcaneo, a meetings technology provider. The use of the Visa Meetings card with Arcaneo's Metron system helps companies more easily centralize internal processes for purchasing, data tracking, reporting on meetings expenses and managing logistical aspects of planning meetings. This integration enables businesses to increase visibility into spending for meetings, travel, procurement and other expenses to enable greater compliance with corporate and regulatory policies and preferred supplier usage.

Web-based data and reporting tools available through Visa Information Management, an integral component of the Visa Meetings card, further improves company visibility into meetings spending. These tools provide access to transaction details and e-folio data from hotels, airlines, car rental agencies and other suppliers through easy-to-read reports, expense reporting tools, cardholder statements and file extract capabilities. These tools also enable consolidation of spending data from Visa commercial card programs across all departments, divisions and subsidiaries within a company to provide management with an aggregate view of all business expenses for travel, procurement and meetings.