Agencies, loyalty companies can speed bookings
and increase satisfaction with real-time payment
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 13, 2015--
U.S. Bank is extending its already broad expertise in virtual payments
to travel intermediaries, facilitating payments from online travel
agencies and loyalty companies to their suppliers. The Bank has offered
virtual payment for corporate travel in North America and Europe since
2013 and now brings the power of virtual pay to organizations serving
the travel market.
Travel agencies and loyalty services providers have implemented U.S.
Bank’s virtual payment solution with great success. The Bank processes
their customers’ payments and redemptions and then sends the payments to
travel suppliers, including airlines, hotels and resorts. The service,
which leverages virtual, single-use accounts, is seamless and takes only
seconds, ensuring a positive customer and supplier experience.
“Our largely Canadian customer base presents unique challenges,” says
Paul Hawa, vice president of Operations for Red Label Vacations, Inc.,
the company behind online travel site RedTag.ca. “With U.S. Bank’s
virtual payment solution, we’re able to meet settlement requirements and
our customers’ needs simply and quickly.”
“Automatic reconciliation is critical to our partnership with travel
intermediaries,” adds Jeff Rankin, U.S. Bank global executive for Large
Market and Public Sector Bankcard. “Our single-use account solution
provides an alternative to central travel accounts, creating a 1:1
relationship between the booking data and the transaction data and
reducing overhead. We are pleased to bring these capabilities to our
clients and see their businesses grow as they serve their global
customers in new and better ways.”
U.S. Bank is the second-largest bankcard issuer of corporate cards in
the U.S. and a leader in the global travel payments industry. Its
comprehensive program spans borders and technologies, offering European
corporate cards, EMV® chip cards and FlexPerks®
Corporate Rewards. The Bank introduced Travel VirtualPay in 2013,
bringing virtual payment options to North American and European
customers.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $403 billion in assets as of December 31,
2014, is the parent company of U.S. Bank National Association, the
fifth-largest commercial bank in the United States. The company operates
3,176 banking offices in 25 states and 5,022 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 www.usbank.com.
Source: U.S. Bank
U.S. Bank Corporate Communications
Bill Brady, 612-303-0731
bill.brady@usbank.com