A first in Canada's corporate card sector :
National Bank Mastercard and PHH Arval launch the country's first multi-use corporate card
Montreal, 1 February 2001 -
Starting in March 2001, Canadian companies will have access to a new payment solution customized to their specific needs, with the joining of expert forces by National Bank MasterCard and PHH Arval, a world leader in automobile fleet management. Their solution: a corporate multicard that allows payment and integrated management of vehicle, travel and entertainment expenses as well as business purchases. Practical and accepted around the world, the new corporate card also provides private and public sector organizations with a powerful information management system-accessible via the Internet-that they can use to manage their expenses online.
"For many large companies, travel and entertainment are the second-largest expense. It's easy to imagine the huge costs involved in managing these expenses, especially if employees are using more than one card. Companies today are searching for a tool that will them help better manage this budget item and thereby improve profitability," explained Rubina Havlin, Vice-President, Business Development, National Bank MasterCard.
"Our management information system will give clients secure, comprehensive information on their transactions. Accessible via the Internet, it has already won several awards," said Michael Goddard, Senior Vice-President and General Manager of PHH Arval. "Also, through this alliance, we will offer our customers both the convenience of MasterCard's network and the benefits associated with National Bank's platform and corporate card expertise."
A competitive and universal product
Managing travel and entertainment expenses, business purchases and vehicle expenses can be a major headache, made even more complex-and, especially, more expensive-when more than one card is in use within the company. The new National Bank MasterCard/PHH Arval multicard provides a state-of-the-art technological solution that is economical and practical to manage, by combining functions normally associated with three types of corporate card in one single card.
Companies will benefit from a card bearing the MasterCard signature, which will be accepted by some 18 million merchants around the world, in addition to providing access to 145,000 banks and 529 000 ATMs in hotels, airports, shopping centres and tourist destinations.
Improving the company's profitability
If companies find the multicard highly attractive, it is above all because of the possibilities it offers in terms of information management, cost reduction and optimization of administrative processes. Each company will be able to select the management options best suited to them, whether for billing, payment options or reconciliation of accounts. Any new information relating to employee expenses will be available electronically on a daily basis. Management reports, regardless of frequency, will also be provided electronically-the preferred mode for all account management operations.
Procedures for using the multicard can also be personalized to match the employee-cardholder's profile. The level of expenditure, consumer profiles and suppliers' performance can all be analyzed so that the company can optimize its agreements with its business partners.
One of Canada's leading issuers of MasterCard cards, National Bank MasterCard, a division of the National Bank, has some 3,000,000 personal and corporate cards in circulation. Its corporate cards are used by such organizations as the Government of Canada, Canadian National, Via Rail Canada, Vidéotron, the TVA Group and the Jean Coutu Group. National Bank is an integrated group that provides comprehensive financial services to individuals as well as companies of all sizes in its main market, along with specialized services to other clients around the world. It has over $75 billion in assets and 16,600 employees, including its subsidiaries. Its shares are traded on the Toronto Stock Exchange.
Founded in 1946, PHH Arval is one of the world's leading vehicle management company. A member of Avis Group Holdings, Inc. (NYSE: AVI), PHH provides integrated leasing, management and card payment solutions to thousands of corporate, government and service-related fleets, including nearly one-third of the Fortune 500 companies.
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