U.S. Bank is First to Europe With Visa Payables Automation for Business
November 04 2014 - 9:00AM
Business Wire
Bank to offer corporate purchasing card
functionality, electronic payment processing in Europe
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.
U.S. BankBill Brady, 612-303-0731Corporate
Communicationsbill.brady@usbank.com
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