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Visa International EU Region and Intershop form alliance to offer Global XML Invoice Standard to enhance B2B online transactions

21st August, London - Visa International EU Region and Intershop, the world`s leading provider of sell-side e-commerce software applications today announce a business alliance to develop efficient B2B online transactions.

Under the terms of the agreement, Intershop will integrate Visa`s XML Invoice Standard into “enfinity", its sell-side e-commerce software application for enabling suppliers, marketplaces, commerce service providers and ASPs. The alliance enables Visa and Intershop to market highly scalable and feature rich B2B e-commerce solutions, which can be customised to their customer base, consisting of banks, corporates and Intershop’s 900 strong global partner channel.

Visa recently launched its Global XML Invoice Standard to address a broad market need for processing and delivering high quality invoice data across multiple industries and business systems. In practice, the Global XML Invoice Standard allows merchants with online trading systems to send XML invoices across Visa’s banking network, directly into the buyers’ accounting software. Visa will seek fiscal accreditation for the electronic invoice to be used as tax evidence. This final link between purchase, payment and delivery of tax data will - for the first time - enable businesses to conduct fully end-to-end B2B transactions over the Internet.

Visa`s XML Invoice Standard will enable Intershop`s enfinity customers to lower transactions costs and increase productivity by eliminating manual processes and automating its purchasing functions.

John Griffith, Managing Director at Intershop comments, “ We fully recognise the efficiency and the value added by integrating Visa’s Global XML Invoice Standard to the backend of Intershop’s software suite. It represents a major advantage to those marketplaces and sell-side offerings currently either being built or considered by merchants around the world to be able to “Sell Anywhere” and to support a wide range of e-commerce business models. Visa’s global brand and its close association with 20,000 banks represent a huge opportunity for mutual benefit to Intershop and Visa alike.”

Max Chatterjee, Senior Manager, Products, at Visa also commented, “This partnership furthers Visa’s goal of working with innovative leaders to provide infrastructure for Visa enhanced data processing services. We believe that the combination of XML innovation, Intershop’s enfinity application and our end user communities will have far reaching effects for business to business transactions.”

About XML
The Visa Global XML Invoice Specification uses XML to exchange invoice and payment data across industries and technical processing platforms. It provides a cross-industry, interoperable message format that enables processing of enhanced data across regions and industry sectors and, as clients identify new needs, it can easily be extended and adapted to support additional information needs. The specification can be found at www.visa.com/xml.

About Visa Commercial Payment Solutions
Visa Commercial Payment Solutions are tailored to meet the needs of its member banks and corporate clients globally. Visa International is experiencing 40% annual growth rates across its commercial card product lines. There are more than 12 million Visa commercial cards issued globally. Visa International’s three commercial card programs, Visa Business, Visa Purchasing and Visa Corporate respectively focus on: the payment needs of small businesses; the procurement needs of medium to large firms; and the travel and entertainment expenses of medium to large firms.

Visa’s Commercial Payment Solutions continue to be at the leading edge of enhanced data, new technologies and delivery channels, meeting changing commercial market needs. Visa’s business-to-business e-commerce initiatives have included online trading hubs, online procurement strategic alliances and global standards for worldwide interoperability.

About Visa International
As the “World’s Best Way to Pay,” Visa is the world’s leading payment brand and the largest payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders.

Visa has more than 80 smart card programs in 35 countries and on the Internet, with 23 million Visa chip cards, including 8 million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction (TradeMark) programs to enable and advance Internet commerce. There are over 1 billion Visa, Visa Electron, Visa Cash, Interlink and PLUS cards in the market.

Visa-branded cards generate US$1.6 trillion in annual volume and are accepted at over 19 million worldwide locations, including at more than 627,000 ATMs in the Visa Global ATM Network. Visa’s Internet address is www.visa.com


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