New opt-in technology helps reduce card declines, adds more security for
Visa cardmembers
MINNEAPOLIS--(BUSINESS WIRE)--Oct. 4, 2016--
When you’re on vacation, the last thing you want to worry about is
having your credit card declined because your purchases are not in-sync
with your normal buying patterns.
U.S. Bank is one of the first banks to offer consumers the
Visa-developed Geolocation Service, a new, opt-in technology integrated
into U.S. Bank’s mobile apps that enable the location of a card
transaction to be matched to the location of the user’s phone. By
matching the location, U.S. Bank can help ensure that transactions on
customers’ cards are approved, minimize disruption and further reduce
the risk of fraud. The program will initially be available to our
co-brand and financial institution partners.
Clifford Cook, senior vice president and head of product and marketing
for the Retail Payment Solutions division at U.S. Bank, said, “We’ve all
experienced that embarrassing moment when your credit card is declined
at dinner while on vacation because the bank thinks you should be at
home in Minneapolis, but you’re eating dinner in Seattle. When your
phone is on and you’ve opted-in for geolocation, U.S. Bank can validate
that the expense is legitimate and avoid customer frustration.”
Customers with U.S. Bank FlexPerks® Visa® credit cards, may opt-in to
the new geolocation feature via the FlexPerks mobile app. Cardholders
who participate in one of our co-brand credit card programs may utilize
the corresponding credit card management mobile app to opt-in as well.
The service is also available through our Elan partner financial
institutions via the Elan mobile app and will be made available for the
U.S. Bank mobile app in the future.
“Visa’s geolocation technology helps financial institutions deliver a
more convenient and more secure payment experience wherever consumers
might travel,” said Mark Nelsen, senior vice president of Risk and
Authentication Products Visa, Inc. “Whether domestic or international,
U.S. Bank can more confidently and accurately approve safe transactions
when the location of the consumer’s mobile device matches the location
of a transaction.”
Dominic Venturo, executive vice president and chief innovation officer
at U.S. Bank, said, “Geolocation is an example of the focus U.S. Bank
has on enhancing the customer experience for our customers. Our
innovation team looks for all possible ways to use the latest technology
wisely, balancing security and convenience so that our customers have
more control over their information and feel confident that their
information is secure."
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in assets
as of June 30, 2016, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,122 banking offices in 25 states and 4,923 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161004005609/en/
Source: U.S. Bank
William Mills Agency
Debbie Harris, 678-781-7220
deborah@williammills.com