REDMOND, Wash., April 4, 2006 - Concur Technologies, Inc. (NASDAQ: CNQR), the world's leading provider of on-demand business services that automate Corporate Expense Management (CEM), today announced that Bank of America Global Treasury Services will offer Concur's automated travel and entertainment expense reporting service to the bank's travel card clients worldwide.
"We are proud that one of the leading providers of corporate and commercial card services to the public sector has chosen Concur Expense Service to help its customers streamline the expense reporting process. We are confident that both the bank and its travel and expense card customers will benefit significantly from this alliance," said Rajeev Singh, president and chief operating officer, Concur Technologies.
Designed to strengthen its position as one of the leaders in the corporate travel card business, the agreement enables Bank of America to offer a one-stop seamless business solution to its clients at a low cost.
"We are continually enhancing our solutions and offerings to help our customers with their travel and entertainment expenses - the second largest area of controllable expenditure for many companies. The integration of Concur Technologies' expense reporting solution is aimed at helping our customers reduce the time and cost involved in tracking, reconciling and managing this significant area of corporate expense" said Steve Vaglio, senior vice president, Bank of America U.S. Product Management.
Bank of America's upgraded solution, now backed by Concur Technologies' market-leading on-demand service, automates the entire travel and entertainment expense reporting and reimbursement process with no software, hardware or maintenance required. Concur's Web-based service eliminates paper expense reports, allowing organizations to utilize flexible business rules to control travel and entertainment expenses. The service provides enhanced visibility which permits the company to audit expense reports to ensure compliance with internal business policies and government regulations while generating valuable business intelligence that can be leveraged to drive even greater cost savings.
About Bank of America Global Treasury Services (GTS)
Global Treasury Services (GTS) is a $6 billion revenue division of Bank of America that provides integrated working capital management and treasury solutions to business and institutional clients. GTS services include treasury management, trade finance, foreign exchange, short-term credit facilities, and global liquidity management. Bank of America GTS is a leading provider in treasury and trade services globally based on revenue, and is an industry leader in payments transformation.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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