U.S. Bank and Chrome River Launch Expense Wizard to Streamline Payments and Reconciliation for Infrequent Business Travelers
May 09 2019 - 9:00AM
Business Wire
First mobile solution to push virtual cards to
mobile wallets for businesses
U.S. Bank and Chrome River today introduced the U.S. Bank
Expense Wizard – a new payment product combining both virtual
payments and expense reporting in a mobile app powered by chatbots
and Artificial Intelligence (AI) – at the Finovate Spring Show in
San Francisco.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190509005140/en/
Expense Wizard expense management app
(Photo: Business Wire).
Expense Wizard is a travel expense management tool with a
one-of-a-kind mobile app and a virtual assistant that makes it easy
for employees to arrange travel within company policies, pay with a
virtual card in a mobile wallet and capture and file receipts for
expense reports as they go through their trip. It also is the first
to offer a virtual card into an infrequent traveler’s mobile
wallet. (Click here to watch a video explaining how Expense Wizard
works.)
Infrequent travelers, such as job candidates and contractors,
have traditionally been relegated to paying their own expenses,
filling out cumbersome forms and waiting for administrative
processes and approvals to be completed prior to reimbursement.
Expense Wizard solves this by providing an AI-based chatbot that
enables payments and fully integrates into Chrome River’s expense
reporting solution, eliminating a time-consuming process for the
traveler and the business.
Expense Wizard also delivers significant cost-control and
risk-reduction benefits for companies, while streamlining the
travel experience for the traveler. Visa estimates, based on
publicly available data, that nearly 50 million individuals are
infrequent business travelers with no corporate card, and they
transact nearly $150 billion a year.
“While talking with customers, we found consistent frustration
around managing expenses for both non-employees and employees who
travel without a corporate card. They needed to eliminate manual
processes, make payments easy and control expenses,” said Bradley
Matthews, senior vice president for U.S. Bank Corporate Payment
Systems. “We worked closely with our innovation team and Chrome
River to develop something completely revolutionary that brings
mobile wallet technology and AI to the process, creating efficiency
in a system that has been largely unchanged for years.”
“One of Chrome River’s major ongoing initiatives is the
zero-touch expense report, which combines innovation in advanced
image processing, AI and bot technology to automate the expense
submission process. Working with highly innovative partners such as
U.S. Bank helps us achieve our zero-touch goal for expense
reporting,” said Alan Rich, CEO and co-founder at Chrome River.
“U.S. Bank and Chrome River share the same commitment to
innovation, and to making the business travel payment and expense
process streamlined and risk free. The launch of Expense Wizard
also helps a category that has traditionally been underserved –
infrequent travelers – and provides them with a secure and
easy-to-manage solution for the entire process.”
U.S. Bank Expense Wizard will be available soon for Chrome River
and U.S. Bank customers and will continue to expand in availability
with additional enhancements later in 2019.
About U.S. BankU.S. Bancorp, with 74,000 employees and
$476 billion in assets as of March 31, 2019, is the parent company
of U.S. Bank, the fifth-largest commercial bank in the United
States. The Minneapolis-based bank blends its relationship teams,
branches and ATM network with mobile and online tools that allow
customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at www.usbank.com or follow on social
media to stay up to date with company news.
About Chrome RiverChrome River provides
expense and invoice automation solutions that let business flow for
more than 1,000 organizations worldwide. The company’s easy-to-use,
enterprise-scale solutions enable future readiness for its
customers. Because of this focus on innovation, Chrome River is
rated as a Leader in expense management by analyst firm IDC. Chrome
River’s commitment to delivering a superior customer journey by
creating long-term value for its customers, makes it a preferred
choice of CFOs, CIOs, AP teams, travel managers and business
travelers. Details on Chrome River’s customers can be found on the
company’s web site. More than two million business travelers around
the world trust Chrome River. To learn more, contact Chrome River
at 888-781-0088, or visit chromeriver.com and its social pages on
LinkedIn, Facebook, Twitter, and Instagram.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190509005140/en/
Dana Stone, U.S. BankOffice: 651-435-7908 | Mobile:
720-778-6667dana.stone@usbank.com
US Bancorp (NYSE:USB)
Historical Stock Chart
From Jun 2024 to Jul 2024
US Bancorp (NYSE:USB)
Historical Stock Chart
From Jul 2023 to Jul 2024