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SunTrust Adds Government Clients to Purchasing Card Program

PRNewswire
ATLANTA
Jul 29, 2003

SunTrust Banks, Inc. today announced that five state and local governments and government agencies have recently begun using the Works Payment Manager application in conjunction with their SunTrust purchasing card programs. The application allows them to minimize the number of checks they issue, reduce errors and time associated with account reconciliation, and settle more payment transactions electronically.

The new clients include the City of Ft. Lauderdale, Fla.; LYNX (Central Florida Regional Transportation Authority), Fla.; Arlington County, Va.; City of Miami Beach, Fla.; and Hillsboro County Sheriff's Department, Fla.

Payment Manager was introduced as a component of SunTrust's purchasing card program last month. Clients using the online solution in conjunction with their SunTrust card programs are able to securely move more of their spending onto credit cards, ultimately streamlining their payment processes and substantially reducing manual purchasing costs.

"The addition of these clients so rapidly on the heels of this product launch confirms our view that this is a real value-added service and suggests the positive growth potential from this market," said Scott Peterson, Managing Director of SunTrust Treasury Management Services.

Payment Manager is a web-based application that brings expanded reporting and real-time control capabilities to the SunTrust commercial card program and leverages the power and flexibility of the Visa payment network. Through a sophisticated use of workflow and business process automation technology, the application allows governments and government agencies to track and manage credit card spending against encumbered funds, improving visibility into spending as it occurs and reducing the risk of overspending.

The application also provides agencies greater control over individual employee credit card spending by offering "approval only" cards, cards that can only be used once a request is approved, eliminating one of the major barriers that often hinder the use of purchasing cards as a primary payment mechanism. Payment Manager also provides back-office reconciliation capabilities that enhance the speed and accuracy of SunTrust credit card transaction allocation.

More information about SunTrust's purchasing card program, including Payment Manager, can be found at www.suntrust.com/paymentmanager.

Headquartered in Austin, Texas, Works provides web-based software solutions that help organizations minimize the number of checks they issue, reduce the expense of costly manual back-office reconciliation processes and settle payment transactions electronically through the use of commercial credit cards. The Works Payment Manager and Works Card Manager solutions are delivered to customers through a partnership with Visa U.S.A. and its member financial institutions.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of June 30, 2003, SunTrust had total assets of $120.9 billion and total deposits of $77.3 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, Works Payment Manager, and Works Card Manager are trademarks of Works Operating Company.

SOURCE: SunTrust Banks, Inc.

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