The worldís first euro-denominated corporate credit card program has just been launched by GE capital. GE Capital is issuing the euro-denominated travel and entertainment (T&E) and purchasing MasterCard ® cards in France, Germany, Holland, Italy, and the Republic of Ireland.
The euro card program is designed to eliminate currency conversion fees on cross-border transactions in the 11 European countries participating in the three-year European Monetary Union currency transition period. The euro, used for electronic, banking, and other non-cash transactions, debuted in January. "Multinationals will no longer have to deal with different banks in different euroland countries," said Jeffery R. Dye, senior vice president, GE Capital Corporate Expense Management Services.
The goal of GEís euro card is to streamline accounts payable costs as well as save time and money on administration processes. GE also provides cardholder support such as call center service, cards, statements, and applications in the local language, including English, French, German, Italian, Dutch, and Spanish.
