MINNEAPOLIS, Dec 16, 2002 (BUSINESS WIRE) -- PowerTrack(R), an electronic,
business-to-business payment system from U.S. Bank, is now available to
businesses for electronic invoicing, payments and a host of other services.
Customers in the logistics industry have successfully cut payment time and
increased efficiency using PowerTrack for more than four years. Now those
efficiencies are available to any business, for any kind of payment.
The breadth and depth of what PowerTrack offers with this latest release makes
it one of the largest players in the electronic invoice presentment and payment
(EIPP) and electronic bill presentment and payment (EBPP) arenas.
"Corporations worldwide can now use one collaborative Internet tool to integrate
enterprise systems across geographies, divisions and trading partners, enabling
them to make and receive payments faster, increase efficiency and reduce costs,"
said Rick Langer, senior vice president and general manager for PowerTrack. "By
extending PowerTrack's integrated payment model to support all
business-to-business transactions, we've given CFOs the power of having one
payment process for their entire enterprise."
One enterprise-wide process is possible because PowerTrack offers a series of
integrated business components that no other payment vendor currently provides,
including normalized data exchange, online transaction management, automated G/L
validation and assignment, and contract and pricing integration. Each component
enhances the entire payment process. For example: customers that chose to use
the contract and pricing tools can ensure that purchases will be made from the
right catalog, at the right price and in compliance with all contract and
service requirements. The end result is fewer exceptions, better accuracy and
Companies that have used PowerTrack know that they can rely on it to handle
complex transactions involving many parties including manufacturers,
distributors and buying groups.
Businesses that use PowerTrack will also see that it:
-- pays sellers in a matter of days while allowing buyers the
average 30-day payment cushion that they are accustomed to in
the traditional invoicing process;
-- allows buyers and sellers to resolve discrepancies before a
payment is made;
-- gives both large and small companies equal access to the same
electronic technology through low-cost Internet connections;
-- integrates seamlessly and easily with buyers' and sellers'
current systems and processes, eliminating an industry concern
since the onset of EIPP and EBPP;
-- eliminates paper;
-- enables international companies to settle in local currencies
-- automatically links payments and receipts to internal general
ledger systems, providing timely and accurate data that is
immediately available from anywhere in the world, giving
companies a financial picture of yesterday's business today.
PowerTrack is a patented, electronic, business-to-business payment platform from
U.S. Bank Corporate Payment Systems. Some of the country's largest commercial
and government organizations use PowerTrack to streamline business-to-business
payment processes by enabling robust pre-payment audits, real-time exception
identification, collaborative resolution., and integrated A/P and A/R
processing. PowerTrack pays sellers quickly while maintaining generous payment
terms for buyers, reduces collections risk for sellers, and delivers exceptional
control for cash managers. PowerTrack currently processes approximately 17
million electronic trade documents annually with more than 15,000 registered
users from more than 1,800 geographic locations worldwide. To learn more about
PowerTrack or for a demonstration, call (800) 417-1844 or visit us on the web at
U.S. Bancorp, with assets in excess of $173 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,147 banking offices and 4,929 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is home of the
Five Star Service Guarantee, which assures customers of certain key banking
benefits and services or customers will be paid for their inconvenience. U.S.
Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp
on the web at usbank.com and Firstar Bank at firstar.com.
CONTACT: U.S. Bancorp
Teri Charest, Media Relations, 612/303-0732
Dan Endy, Corporate Payment Systems, 612/973-0691
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SOURCE: U.S. Bancorp