Visa International Reports Growth in Commercial Payment Volume
Visa International has announced that dollar value of all purchases and cash withdrawals made with Visa Commercial payment solutions globally reached $200 billion for the year ending June 30, 2004, an increase of 26 percent over the same period last year.
"It took 10 years for Visa and our members to reach the $100 billion milestone and just three years to achieve $200 billion in annual commercial volume," said Aliza Knox, senior vice president, Commercial Solutions, Visa International. "This growth is due to Visa's suite of commercial payment solutions, which has provided tremendous efficiencies and savings for businesses and the public sector alike. We expect to see continued growth across all regions in the foreseeable future.""There are clear gains derived from automating the procurement supply chain and expense management processes," said Warren H. Hausman, professor of Management Science and Engineering, Stanford School of Engineering. "Visa Commercial Solutions play a big role in streamlining operations across a supply chain and standardizing processes with solutions that integrate with front-end procurement and back-office financial systems."
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