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U.S. Bank Introduces Virtual Payment for Travel Intermediaries

Agencies, loyalty companies can speed bookings and increase satisfaction with real-time payment

MINNEAPOLIS--(BUSINESS WIRE)--Apr. 13, 2015-- U.S. Bank is extending its already broad expertise in virtual payments to travel intermediaries, facilitating payments from online travel agencies and loyalty companies to their suppliers. The Bank has offered virtual payment for corporate travel in North America and Europe since 2013 and now brings the power of virtual pay to organizations serving the travel market.

Travel agencies and loyalty services providers have implemented U.S. Bank’s virtual payment solution with great success. The Bank processes their customers’ payments and redemptions and then sends the payments to travel suppliers, including airlines, hotels and resorts. The service, which leverages virtual, single-use accounts, is seamless and takes only seconds, ensuring a positive customer and supplier experience.

“Our largely Canadian customer base presents unique challenges,” says Paul Hawa, vice president of Operations for Red Label Vacations, Inc., the company behind online travel site RedTag.ca. “With U.S. Bank’s virtual payment solution, we’re able to meet settlement requirements and our customers’ needs simply and quickly.”

“Automatic reconciliation is critical to our partnership with travel intermediaries,” adds Jeff Rankin, U.S. Bank global executive for Large Market and Public Sector Bankcard. “Our single-use account solution provides an alternative to central travel accounts, creating a 1:1 relationship between the booking data and the transaction data and reducing overhead. We are pleased to bring these capabilities to our clients and see their businesses grow as they serve their global customers in new and better ways.”

U.S. Bank is the second-largest bankcard issuer of corporate cards in the U.S. and a leader in the global travel payments industry. Its comprehensive program spans borders and technologies, offering European corporate cards, EMV® chip cards and FlexPerks® Corporate Rewards. The Bank introduced Travel VirtualPay in 2013, bringing virtual payment options to North American and European customers.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $403 billion in assets as of December 31, 2014, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 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

U.S. Bank Corporate Communications
Bill Brady, 612-303-0731

"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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