Like many others providing commercial card services to multinationals, GE Capital is working to extend its offerings into multiple countries and currencies. It recently announced a new alliance with Commonwealth Bank of Australia, disclosing that the latter will issue Australian dollar-denominated cards when needed for GE Capital clients. This will supplement GE Capital’s existing alliances supporting cards in Canadian dollars, Euros, Pound Sterling, and Irish Punts.
According to Jeffery R. Dye, senior vice president, GE Card Services:
“We have chosen Commonwealth Bank of Australia due to their strong banking network in Australia and their outstanding Business Card track record. This partnership is in line with our alliance strategy to issue cards in local currencies with local cardholder support for our multinational clients.”
Of equal interest to the prospective customers, Commonwealth Bank also has pledged to develop the ability to report card transaction data in a format that allows consolidation of global spending data via GE Capital’s Synergy 2000 reporting system. The ability to consolidate data and achieve a global view is one of the critical factors that enable multinational companies to analyze and manage their card-based spending.
Click here to read GE Capital’s press release.