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SunTrust Expands Purchasing Card Program for Commercial Clients

PRNewswire-FirstCall
ATLANTA
Jul 7, 2003

SunTrust Banks, Inc. has expanded its Treasury Management services for commercial clients with the introduction of new electronic payment capabilities as core components of its Visa purchasing card program.

The new capabilities, Works Payment Manager and Works Card Manager, are Web-based applications that are connected to the Visa payment network and allow SunTrust commercial and government clients to automate manual payment policies and procedures and administer card programs online.

"Works' payment management solutions help eliminate barriers that have historically hindered commercial credit cards as a primary payment mechanism," said Scott Peterson, Managing Director of SunTrust Treasury Management. "These new services will permit SunTrust clients to accommodate increased purchasing volumes while achieving significantly improved operating efficiencies."

Mr. Peterson said that introduction of the new service follows extensive internal testing and a highly successful pilot with the City of Ft. Lauderdale, Fla. SunTrust provides Treasury Management services to corporate clients throughout the United States.

With Works Payment Manager clients can automatically adjust the credit limits on individual commercial cards while adhering to internal purchasing and payment policies. In addition, it provides management a real time view of organizational spending as it occurs, improving planning and decision-making. The service also offers back-office reconciliation efficiencies that improve the speed and accuracy of credit card transaction allocation.

"Last year we ran approximately $2 million through our purchasing card program," said Kirk W. Buffington, Manager, Procurement and Materials Management for the City of Ft. Lauderdale. "But, because of the lack of adequate card controls, many of our purchases had to be done manually, costing us about $60 per transaction. With Works Payment Manager, provided to us by SunTrust, we have better visibility and control over spending, allowing us to put 10 percent or more of additional purchasing through our card program while reducing transaction costs by about 92 percent."

The Works Payment Manager and Works Card Manager solutions, developed by Austin, Texas-based Works, Inc., are delivered to clients through a partnership with Visa U.S.A. and its member financial institutions. Additional information on SunTrust's purchasing card program is available at www.suntrust.com/paymentmanager .

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of March 31, 2003, SunTrust had total assets of $120 billion and total deposits of $78 billion. The company operates through an extensive distribution network primarily in Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is www.suntrust.com .

Works is a trademark of Works Operating Company.

SOURCE: SunTrust Banks, Inc.

CONTACT: Hugh Suhr of SunTrust Banks, Inc., +1-404-827-6813