U.S. Bank Extends Freight-Payment Trade Finance Capability to Europe
September 25 2014 - 8:00AM
Business Wire
Offering Is Europe’s First Trade-Finance
Service Specifically Geared to Freight
U.S. Bank is expanding its industry-leading freight-payment
trade finance service into Europe. Through its subsidiary, Elavon
Freight Payment, the bank will allow shippers to hold onto their
cash longer while accelerating payment to their carriers -- and
offer carriers a cost-effective alternative to factoring and other
financing options commonly used in Europe today. The new trade
finance tool is the first solution of its kind on the
continent.
The new trade finance capability joins a suite of recent
enhancements to Elavon Freight Payment that reflect Europe’s
diverse business, legal and regulatory environments. The offering
provides an automated solution for some of Europe’s most
labor-intensive freight-payment processing needs, including VAT
support and consolidated invoice processing. Customers can choose
German-, French-, or English-language platforms.
“As a financial institution, Elavon Freight Payment is uniquely
positioned to offer this efficient method of improving cash flow
for both shippers and carriers,” said Rick Erickson, global
director of Freight Payment Solutions for U.S. Bank. “We’re excited
to expand our industry-leading capabilities to a wider range of
customers.”
A division of U.S. Bank’s Corporate Payments business, Elavon
Freight Payment gives users greater visibility into their global
transportation spend and more complete, timely data with which to
make business decisions. In addition to improving processing
efficiencies for European shipping operations, the expanded system
reduces costs by automating manual processing and optimizing cash
flow.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $389 billion in assets as of June
30, 2014, is the parent company of U.S. Bank National Association,
the 5th-largest commercial bank in the United States. The Company
operates 3,174 banking offices in 25 states and 5,005 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.
About Elavon Freight Payment
With native-speaker support in 20 world languages, Elavon
Freight Payment is based in Brussels. A U.S. Bancorp company, its
team of regional experts shares in-depth knowledge of customs,
rules and regulations that ensures its proven solution satisfies
the requirements of any European shipping destination. Together
with world-class technology, Elavon professionals are helping
carriers and shippers alike deliver more efficiency and more
profitability across Europe and the globe. For more information on,
visit elavonpayment.com/eu.
U.S. Bank Public RelationsBill Brady,
612-303-0731bill.brady@usbank.com
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