Offering Is Europe’s First Trade-Finance Service Specifically
Geared to Freight
MINNEAPOLIS--(BUSINESS WIRE)--Sep. 25, 2014--
U.S. Bank is expanding its industry-leading freight-payment trade
finance service into Europe. Through its subsidiary, Elavon Freight
Payment, the bank will allow shippers to hold onto their cash longer
while accelerating payment to their carriers -- and offer carriers a
cost-effective alternative to factoring and other financing options
commonly used in Europe today. The new trade finance tool is the first
solution of its kind on the continent.
The new trade finance capability joins a suite of recent enhancements to
Elavon Freight Payment that reflect Europe’s diverse business, legal and
regulatory environments. The offering provides an automated solution for
some of Europe’s most labor-intensive freight-payment processing needs,
including VAT support and consolidated invoice processing. Customers can
choose German-, French-, or English-language platforms.
“As a financial institution, Elavon Freight Payment is uniquely
positioned to offer this efficient method of improving cash flow for
both shippers and carriers,” said Rick Erickson, global director of
Freight Payment Solutions for U.S. Bank. “We’re excited to expand our
industry-leading capabilities to a wider range of customers.”
A division of U.S. Bank’s Corporate Payments business, Elavon Freight
Payment gives users greater visibility into their global transportation
spend and more complete, timely data with which to make business
decisions. In addition to improving processing efficiencies for European
shipping operations, the expanded system reduces costs by automating
manual processing and optimizing cash flow.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $389 billion in assets as of June 30,
2014, is the parent company of U.S. Bank National Association, the 5th-largest
commercial bank in the United States. The Company operates 3,174 banking
offices in 25 states and 5,005 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.
About Elavon Freight Payment
With native-speaker support in 20 world languages, Elavon Freight
Payment is based in Brussels. A U.S. Bancorp company, its team of
regional experts shares in-depth knowledge of customs, rules and
regulations that ensures its proven solution satisfies the requirements
of any European shipping destination. Together with world-class
technology, Elavon professionals are helping carriers and shippers alike
deliver more efficiency and more profitability across Europe and the
globe. For more information on, visit elavonpayment.com/eu.
Source: U.S. Bank
U.S. Bank Public Relations
Bill Brady, 612-303-0731