Client

Visa cards are the world's most widely used form of "plastic" payment. As of December 2000, more than $1.8 trillion in products and services were purchased using Visa cards, and Visa's worldwide market share, at 60 percent, was greater than that of all other major payment cards combined. There are more than 1 billion Visa, Visa Electron, Interlink, PLUS, and Visa Cash cards in the market today. Visa-branded cards are accepted at more than 21 million locations in 300 countries and territories, making Visa the closest thing there is to a universal currency.

 

Business Case

Visa USA had multiple budget, forecasting, reporting and financial modeling process’s and applications  throughout the organization. The lack of a single consistent process and technology platform resulted in a sub optimal, time consuming budget and forecasting process that often resulted in inconsistent results.

 

Specific Objectives of the Project were to:

 

·          To facilitate the development of a single consistent business process for budgeting and forecasting

·          Create a roadmap and implementation plan for the new process

·          To develop test and implement the technologies and systems to support the new optimized budget and forecasting process

 

Why Quovera?

Visa  selected Quovera because of Quovera’s expertise and knowledge of the financial services industry along with Quovera’s proven track record  of  executing projects that involve difficult and changing business processes in large complex organizations. Quovera provided Visa with experienced senior-level consultants with a proven track record of delivering quality and timely solutions. 

 

The Quovera Solution

The Quovera solution centered on providing integrated financial information from Oracle Financials ERP modules such as  General Ledger, Accounts Payable and Accounts Receivable and other sources. The financial information was cleaned and scrubbed to ensure a consistent set of data. This consistent financial data set formed the basis for the budgeting forecasting and reporting systems. Oracle Financial Analyzer and Oracle Express were implemented along with a set of standardized reports and queries.

The entire system was made available to all department managers over the web.

 

Business Benefits

·          Integrated, accurate and consistent view of the creation, consumption and flow of financial information within the organization

·          Process improvements resulting in business processes with better accuracy, quality and timeliness

·          Improved understanding and communication throughout the budgeting and forecasting process.

·        A streamlined and more accurate  financial forecasting process and system that can adapt to changing business needs