U.S. Bank Launches Payment Plus to Advance Automated Payment for Business Customers in Canada
June 22 2011 - 10:00AM
Business Wire
U.S. Bank is taking electronic accounts payable to a new level
with the Canadian launch of its Payment Plus tool. Payment Plus
replaces traditional payment methods with cardless accounts that
use dynamic credit adjustment, single use accounts or
straight-through processing to pay vendor invoices. Operated on the
near universally accepted Visa® network, Payment Plus enhances
payment efficiency by accommodating many transactions that have not
been able to be put on purchasing cards, including transactions
that need to be tracked against vendor contracts.
“With Payment Plus, the transaction gets charged to a card
number without the need to issue an actual card,” said Jeff Rankin,
senior sales and marketing manager for U.S. Bank Corporate Payment
Systems. “Reconciliation can be achieved with minimal manual
intervention, freeing staff to focus on strategic issues rather
than minutiae. The result is reduced cost and increased control,
enhancing working capital optimization. It’s a powerful tool for
operational efficiency.”
Payment Plus requires little or no investment in technology
infrastructure by the buyer. An organization’s payment processes
can stay essentially the same, but instead of cutting a cheque,
they send an electronic payment file to U.S. Bank, which then
automates the payment and reconciliation process. The enablement
process is equally straight-forward for the supplier. If they
already accept card payments, they can be set up quickly.
Straight-through processing (STP) offers particular advantages
for faster reconciliation. The payment is deposited directly into
the supplier’s account, negating the need for someone on the
supplier end to enter it. Fewer keystrokes mean fewer keystroke
errors and therefore, fewer disputes, thus strengthening the
buyer-seller relationship. STP capability is scheduled to become
part of the product offering later this year.
Launched in the United States in 2008, Payment Plus has a track
record of processing thousands of payments for millions of dollars
each month. “No financial institution in Canada is doing anything
quite like Payment Plus,” said Joseph Rauhala, principal officer
for U.S. Bank, Canada Branch. “This solution really hasn’t existed
in Canada until now.”
Market launch of Payment Plus in Canada is currently underway.
Interested organizations should contact a U.S. Bank relationship
manager or call 416-306-3633.
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of
March 31, 2011, is the parent company of U.S. Bank, the
fifth-largest commercial bank in the United States. In Canada, U.S.
Bank develops and operates corporate payment systems through its
Canada Branch office in Toronto. In the United States, the company
operates 3,082 banking offices in 25 states and 5,238 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve,
for which the company earned the 2011 Spirit of America Award, the
highest honor bestowed on a company by United Way. Visit U.S.
Bancorp on the web at www.usbank.com.
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