SALT LAKE CITY--(BUSINESS WIRE)--June 1, 2005--GE's Corporate Payment Services unit has secured a U.S. patent covering aspects of the account pool feature of its vPayment electronic settlement tool. It is the third and latest patent associated with vPayment, a payment automation tool that integrates with corporate procurement and Accounts Payable (AP) systems and processes.
"vPayment is a supplier-friendly way to reduce your organization's dependence on the time-consuming check writing process. It offers the controls of a check, the float of a purchasing card, and the efficiency of electronic funds transfer," said Jeffery R. Dye, president and CEO of Corporate Payment Services, the commercial card unit of GE Consumer Finance. "The account pool patent further strengthens vPayment's advantages for organizations looking for added control and efficiency."
When an organization requests a vPayment account to pay an invoice or purchase order, the newly patented technology (U.S. Patent Serial number 6,901,387) comes into play. The GE-hosted vPayment server selects a unique account number from an account pool and provides it to the organization, via a secure web site or encrypted link to the organization's procurement or AP system.
The account number selected has dollar- and date-range controls specific to the transaction in question. The supplier given the vPayment account number cannot subsequently charge to the account once the specified amount is settled. If the merchant attempts to charge above the dollar amount or beyond the date range specified, the transaction is declined.
When fully used, the account number returns to the account pool and remains inactive until selected at a later date, usually for a different amount with a different supplier.
vPayment also captures a unique identifier, such as purchase order or invoice number, in the MasterCard transaction record. This unique identifier links the transaction to the purchasing information without manual intervention. In effect, vPayment transactions flow to an organization's general ledger "hands free." vPayment passes unique accounting information regardless of the merchant's data capture capability (Level 1, 2 or 3).
"Organizations and suppliers alike can benefit from vPayment," Dye said. "Unlike electronic funds transfer (EFT), merchants need no special training or set-up and can follow the standard credit card process to receive payment. Organizations enjoy improved controllership, automated reconciliation, reduced administration, and better cash flow."
Other features and benefits include:
-- Accepted at millions of MasterCard merchants
-- vPayment accounts use no physical plastic for increased controllership
-- Exception reporting
The integrated version of vPayment first launched in December 2001. Prior vPayment patents are U.S. Pat. Nos. 5,991,750 and 6,226,624. For more information, go to www.gebusinessmarketplace.com/int_vpayment.htm.
About Corporate Payment Services
Corporate Payment Services, the commercial card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc. For more information, visit www.gebusinessmarketplace.com.
GE Consumer Finance, a unit of General Electric Company, with more than $150 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
Tag Team Global, New York
Rebecca Cisek
Mobile: 913-963-3344
[email protected]
or
GE Consumer Finance, Corporate Payment Services,
Salt Lake City
Michael O'Malley
Office: 801-517-5711 or Mobile: 801-652-5578
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340