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