Visa International has introduced a new specification that will increase a corporation’s ability to automate B2B purchasing functions and monitor travel and entertainment expenses worldwide – both on the Internet and in the physical world. The new Visa Global Invoice Specification uses XML to exchange invoice and payment data across industries and technical processing platforms. Implementation of the specification enables corporations to negotiate prices and control costs, as well as increase productivity by eliminating manual processes. The new Visa Global XML Invoice Specification was developed with Visa technology partners Commerce One, IBM, Sun Microsystems, Inc. and ValiCert, Inc. These partners provided Visa with an extensive review, validating Visa’s efforts to use XML technology and supporting Visa’s contribution to the buyer / supplier value chain of enhanced data. With its use, corporate clients will have a standard way to process detailed information on procurement transactions, as well as T&E spending on airline travel, hotels and car rental. In the near future, Visa plans to expand the specification to support other merchant sectors including healthcare, maintenance, repair & operations (MRO) and fleet services. Visa is also supporting the global invoice needs of buyers and sellers around the world who choose to use the specification for their own invoice processing and payment services. This means that developers may use the specification independent of the payment brand and can integrate multiple payment types into their data-flow processes. Visa has compiled a comprehensive list of data elements used in most invoices and has classified them into the following information areas: Buyer/Supplier, Shipping, Tax, Payment, Currency, Discount, and Line Item Detail. Visa can also deliver the XML invoice data across VisaNet, Visa’s global network. Visa used the Commerce One Common Business Library (xCBL) as the foundation for the Visa Global XML Invoice Specification and is working with several international XML governing bodies, including ebXML, for its official adoption as a standard. Other international standards organizations include Oasis/XML.org, and Microsoft BizTalk. Visa will work with Members worldwide to install the new Visa Global XML Invoice Specification and has conducted a pilot project in the European Union which has successfully proved that the specification can accommodate the information collection and delivery needs of all commercial users. www.visa.com/xml.