Visa/U.S. Bank's Syncada Processed $21 Billion in 2011

Corporate payment automation provider Syncada said it processed more than $21 billion in payments last year.

That figure, a record for Syncada, "is both a milestone and a stepping stone," says Kurt Schneiber, Syncada's chief executive, in a press release Wednesday. "It reinforces our commitment to excellence and to all members of the Syncada network."

Syncada, a joint venture of Visa Inc. and U.S. Bancorp, operates in about 47 countries. It allows suppliers and buyers to submit invoices, contracts and other documents. It then audits those documents to verify included amounts and other information.

Buyers also use Syncada to decide how they want to respond to and pay those invoices.