MINNEAPOLIS--(BUSINESS WIRE)--Oct. 29, 2013--
Today, U.S. Bank announced the full market launch of its Travel
VirtualPay product, following a successful pilot program. The bank is
the first payment provider in North America to deliver a truly
integrated travel payment and reconciliation tool that replaces manual
central billing of hotel charges with single-use virtual account
numbers. Early adopters have praised the solution’s ability to capture
spend that is currently falling outside of their card programs, allowing
them to greatly enhance control and efficiency.
“Many of our employees do not have corporate credit cards issued in
their name, as they do not travel on company business on a regular
basis,” said Al Mazzola, director, Global Finance, Travel Services for
Sykes Enterprises, which employs 48,000 worldwide. “When we send them
out on projects, we prepay their hotel charges by faxing a copy of my
credit card, plus a copy of my ID. The security issues around this are
obvious. Having a system like Travel VirtualPay is a godsend. In
addition, it has tremendously reduced the time required for monthly
With U.S. Bank Travel VirtualPay, travel managers can identify and track
a booking from the time of reservation through final settlement and
audit. The tool integrates directly with their current travel supplier
or agency, allowing them to easily request a virtual account for each
booking and consolidating all transaction data into one location.
When a supplier charges the account, an automated reconciliation process
accurately matches traveler and transaction, triggering immediate
payment. This process dramatically reduces paperwork, potential errors
and labor costs, while seamlessly producing a transparent view of travel
spend for supplier and buyer alike.
“We are delighted to bring U.S. Bank Travel VirtualPay to North
America,” said U.S. Bank Travel Product Manager Mary Miklethun.
“Organizations that have been using traditional central billing methods
love how it saves time and enhances security. Travel VirtualPay aligns
perfectly with our mission to provide unique, distinctive solutions that
help our clients capture and manage every dollar of their travel spend.”
About U.S. Bancorp
Minneapolis-based U.S. Bancorp (NYSE:USB), with $361 billion in assets
as of September 30, 2013, is the parent company of U.S. Bank, the 5th
largest commercial bank in the United States. The Company operates 3,088
banking offices in 25 states and 4,937 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 usbank.com.
© 2013 U.S. Bank National Association. All trademarks are the property
of their respective owners.
Source: U.S. Bancorp
U.S. Bank Media Relations