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
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