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U.S. Bank's Payment Plus B2B Payment Network Fuels Continued Growth in Spite of Economic Slow Down


U.S. Bank's Access(R) Online Payment Plus, a B2B payment network that has been developed in-house and integrated into existing electronic access systems, is fueling continued growth for U.S. Bank.

"Because of the difficult financial climate, companies are more interested in increasing efficiency and eliminating cost throughout the procurement cycle," reports Jeff Rankin, senior vice president, U.S. Bank Corporate Payment Systems.

Payment Plus automates procure-to-pay processes by enabling organizations to submit payment instructions electronically, in batches or on-demand. The buyer determines the timing of the disbursement while maintaining visibility and control from beginning to end. Suppliers are also enthusiastic about Payment Plus because it allows them to get paid faster, and it eliminates paperwork.

Rankin adds, "With Payment Plus, organizations pay their suppliers in a timely manner, yet they make a payment to U.S. Bank just once a month. This enables flexible cash management, a highly valued benefit for our clients. We have found that on average, cash float can be extended 15-30 days to optimize working capital."

Clients find the increased control and visibility to spend across all departments to be a critical benefit as a result of implementing Payment Plus. As the economy continues to be difficult, it is increasingly important to be able to track and manage expenses. Payment Plus provides this functionality in a secured, proven environment.

During the first year Payment Plus was available, U.S. Bank saw B2B payment growth of approximately 15 percent. "We expect to at least double that this year," says Rankin. "These products are becoming the best practice for AP and e-payables."

U.S. Bancorp (NYSE:USB), with $247 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States as of June 30, 2008. The company operates 2,556 banking offices and 4,903 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

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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