MINNEAPOLIS, Apr 12, 2011 (BUSINESS WIRE) --
A new payment analytics tool from U.S. Bank enables clients to monitor
100 percent of their corporate card transactions to identify and
minimize misuse and abuse. U.S. Bank Payment Analytics transforms an
organization's expense control practices from reactive to proactive by
flagging all rule violations and co-relating seemingly unrelated events
that together represent an effort to work around corporate standards.
The new tool was introduced to customers at U.S. Bank's annual Financial
Supply Chain Payments Conference, which was held March 15-17 in Orlando.
Approximately 700 corporate and government clients of U.S. Bank
Corporate Payment Systems attended the conference at Disney's Coronado
Springs Convention Center, where they learned about the latest trends in
payments and got a chance to test-drive some of the newest tools in
one-on-one tutorials with trainers.
U.S. Bank Payment Analytics is a "rules-oriented" monitoring engine.
Customized rules can be set based on a variety of parameters, and when a
violation is spotted an alert e-mail is dispatched to a monitoring
officer in real time.
"It can cost hundreds of thousands of dollars to manually audit
transactions for misuse, and audit sample sizes typically cover only 20
percent of an organization's transactions," said Kurt Adams, senior vice
president of strategy and product at U.S. Bank Corporate Payment
Systems. "U.S. Bank Payment Analytics can monitor 100 percent of the
transactions and catches problems before they show up on the monthly
statement. Reducing the risk of misuse and abuse allows an organization
to focus its attention on growing its program."
Other topics addressed at the conference included strategies to optimize
working capital in a recovering economy, keys to buyer-seller
collaboration and promoting supplier adoption of e-payments.
U.S. Bancorp (NYSE: USB), with $308 billion in assets as of Dec. 31,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,069 banking offices in
25 states and 5,310 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. Bancorp
U.S. Bank Media Relations
Teri Charest, 612-303-0732