Bank to offer corporate purchasing card functionality, electronic
payment processing in Europe
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 4, 2014--
U.S. Bank is expanding its card-based and cardless corporate payment
solutions to Europe. In partnership with Visa, the bank will be the
first in Europe to offer Visa Payables Automation, Visa’s paperless
electronic payment service that replaces checks, eliminates tedious
processing work and can improve an organization’s cash flow by extending
credit by more than seven weeks. The bank will also begin offering
corporate purchasing cards in Europe.
Visa Payables Automation is an easy-to-use solution that can be
implemented with little-to-no IT support. Similar to U.S. Bank Access®
Online Payment Plus, the bank's electronic accounts payable tool in
North America, Visa Payables Automation gives organizations the ability
to automate their payables function by using a virtual credit card
account process to make payments. It will be available in nine European
currencies: Euro, British Pound, Danish Krone, Hungarian Forint, Swiss
Franc, Czech Koruna, Norwegian Krone, Polish Zloty and Swedish Krona.
The bank will initially target its U.S.-based multinational clients with
significant operations in Europe. “For our clients who wish to expand
their payment programs outside of North America, our new payables
solutions for Europe deliver a balance of global consistency and local
flexibility,” said U.S. Bank Corporate Payment Systems President Kurt
Adams. “Now, an organization’s European operations can enjoy the same
benefits and cost savings experienced by their U.S. counterparts,
including better visibility into spending and an enhanced rebate
opportunity. At the same time, they gain comprehensive, automated data
reporting to meet local requirements in regions across the continent.”
Visa Payables Automation provides organizations with up to 55 days
credit, depending on transaction timing. The system can be set to allow
spending only at approved suppliers, enhancing policy compliance and
discount savings from preferred suppliers. Because supplier
participation is an important component to any successful electronic
payment solution, U.S. Bank’s Elavon subsidiary offers industry leading
merchant acquiring, supplier training and enrollment support to its
merchants.
“U.S. Bank corporate clients in Europe can now take advantage of Visa
Payables Automation to streamline the accounts payable process,” said
Tad Fordyce, SVP and head of Global Commercial Solutions, Visa Inc. “By
automating, corporate clients eliminate processing steps and pay their
suppliers more efficiently with safe, reliable and convenient electronic
payments.”
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $391 billion in assets
as of September 30, 2014, is the parent company of U.S. Bank National
Association, the 5th largest commercial bank in the United States. The
Company operates 3,177 banking offices in 25 states and 5,026 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Source: U.S. Bancorp
U.S. Bank
Bill Brady, 612-303-0731
Corporate Communications
bill.brady@usbank.com