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