STAMFORD, Conn.--(BUSINESS WIRE)--April 19, 2002-- ePcard XML Speeds Payment, Streamlines Reconciliation
GE Capital Financial Inc. and elcom, inc. have successfully integrated GE Capital's ePcard XML payment tool in elcom's PECOS(TM) e-procurement system. ePcard XML uses patented technology to automate the control, settlement, and reconciliation of online purchasing.
Testing of the interface began in February, and it was released to an elcom customer late in March. elcom plans to include the interface in its basic system available to all PECOS customers in May, 2002.
elcom will demonstrate its PECOS e-procurement system and integrated ePcard XML module at the GE Capital Financial Inc. Annual User Group Meeting, to be held April 21-24, 2002.
ePcard XML overcomes a hurdle in using purchasing cards with e-procurement systems. Currently most purchasing card transactions generated by e-procurement systems require the supplier to manually capture the customer's purchase order (PO) number at the point of sale. ePcard XML eliminates the need for suppliers to input customer PO numbers.
Instead, ePcard XML automatically extracts the PO number from the e-procurement system, appends it to the MasterCard(R) transaction record and transmits it to the customer's accounting system for automated reconciliation. This capability increases accuracy and streamlines administrative effort for the customer and the supplier.
ePcard XML also increases control. When a supplier settles an ePcard XML transaction, the system automatically reviews the authorization request against pre-assigned limits. Suppliers attempting to charge more than the PO amount are declined authorization at the point of sale.
Along with other security features of ePcard XML, the pre-authorization feature (Patent No. 5,991,750) reduces potential overcharging, fraud or misuse.
The combination of elcom's e-procurement and our electronic settlement feature saves time and money in the back office, increases security and control, and can improve the customer's return on investment in e-procurement technology, Jeffery R. Dye, president of GE Capital Financial Inc., the corporate card unit of GE Card Services, said. Robert J. Crowell, Elcom International, Inc.'s Chairman and CEO, stated, The interface to ePcard XML is an exciting development for all of our customers. They can take advantage of cost-effective e-procurement integrated with advanced settlement technology. This interface automates the reconciliation of the PO to the settlement record, and maximizes the best of e-procurement and purchasing card capabilities.
ePcard XML is built using Extensible Markup Language (XML) for ease of integration and use. In addition, additional security features such as Secure Socket Layer (SSL) and digital certificate protocols protect data while in transit.
elcom, inc. is the e-procurement and e-marketplace solutions subsidiary of Elcom International, Inc. (NASDAQ: ELCO), and is based in Norwood, MA.
PECOS Internet Procurement Manager ( PECOS.ipm ) is the e-procurement configuration of PECOS(TM) that automates the procurement process from supplier product content through financial settlement.
PECOS.ipm supports the procurement of products comprising the major categories of spending including front office and industrial MRO, capital equipment, services and direct materials. For more
information, visit www.elcom.com.
GE Capital Financial Inc. is a unit of GE Card Services. It develops and markets corporate bankcards designed for medium- and large-sized multinational companies and organizations.
GE Card Services is a GE Capital company.
For more information, visit www.gebusinessmarketplace.com.
GE Capital, with assets of US$425 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 25 businesses. A wholly-owned subsidiary of
General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 45 countries around the world.
GE is a diversified services, technology and manufacturing company with operations worldwide.
For further information, contact Michael O'Malley at (801)
517-5711 (Office) or (801) 652-5578 (Cell).
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