MINNEAPOLIS, Mar 27, 2008 (BUSINESS WIRE) -- U.S. Bank Corporate Payment Systems has introduced U.S. Bank
Access(R) Online Payment Plus. The new product was introduced to
treasury managers, corporate controllers and purchasing card program
managers at the Financial Supply Chain Conference in Anaheim, Calif.
March 4-6. Attendees responded favorably to the new product launch,
which included presentations by Kris Koch of Genuine Parts Company,
one of the first U.S. Bank clients to implement the product.
Koch presented the results of his beta test of the product, which
included only the SP Richards division of Genuine Parts. During his
presentation, Koch noted that "We were looking for a way to increase
control with vendors where we make infrequent, high dollar purchases,
while maintaining the data and process integrity of our AP system.
Payment Plus gives us all that capability as well as easy
reconciliation." Koch estimates that total transactions through
Payment Plus will increase to at least $50 million in 2008. The
company plans to expand the program to remaining Genuine Parts
Payment Plus extends the value of purchasing card programs by
allowing organizations to further automate their accounts payable
business processes through diminishing paper, increasing controls,
reducing risk and facilitating working capital optimization. Payment
Plus accommodates payment for purchases with high control requirements
such as purchase orders, receipts and invoices. Payment Plus leverages
existing client systems (such as order, receipt, inventory, fixed
assets, accounts payable, etc.) to generate approved payments that may
then be placed on purchasing card accounts.
"This is a natural extension of the commercial payment products we
currently bring to our clients," said Jeff Pape, senior vice president
of product management for U.S. Bank Corporate Payment Systems. "Our
integration of this product within our existing electronic access tool
allows for straight through processing and automated supplier
notification, a distinct advantage over our competitors, and one that
our clients have been very quick to recognize and embrace."
U.S. Bank has processed hundreds of payment instruction files
through Payment Plus, including the largest single transaction of
U.S. Bancorp (NYSE: USB), with $238 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,518 banking offices and 4,867
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 www.usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Teri Charest, 612-303-0732