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U.S. Bank PowerTrack Earns GSA Federal Supply Schedule Contract

MINNEAPOLIS, Dec 1, 2003 (BUSINESS WIRE) -- PowerTrack(R), an electronic, business-to-business payment platform from U.S. Bank Corporate Payment Systems, was recently added to the General Services Administration's (GSA) Federal Supply Schedules Contract list, which allows federal customers to acquire more than four million products and services directly from approximately 8,600 approved commercial suppliers. In effect, this list allows agencies to buy goods and services--from approved vendors--without first having to navigate lengthy request for proposals (RFP) processes.

The GSA's Federal Supply Schedules--also known as Multiple Award Schedules (MAS)--are contracts that cover a vast array of commercial items. The contract represents a significant win for PowerTrack with federal agencies, and also gives PowerTrack access to a slew of state and local agencies that use the MAS as a basis for much of their procurement processes.

"We take pride in offering better solutions to support government services and missions and we are excited about the opportunity to work with even more government agencies," said Richard G. Langer, general manager for PowerTrack. "Over the past six years, we have developed strategic relations with service agencies throughout the Department of Defense, and we've saved them millions of dollars in transaction processing costs. We have also assisted the General Services Administration, Department of State, and Department of Homeland Security in making their payment processes more efficient."

GSA awards MAS contracts to responsible companies that offer commercial items falling within the generic descriptions in the GSA Schedule solicitation. Contracting Officers determine whether prices are fair and reasonable by comparing the prices/discounts that a company offers the government with the prices/discounts that the company offers to its commercial customers. The negotiation objective is commonly known as "most favored customer" pricing.

"Whether you operate in the government circles or the commercial sector, seamless data integration and process automation are key factors in cutting costs from everyday business operations like billing and payment," Langer added. "PowerTrack delivers the capability to automate the entire payment process."

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 accounts payable and accounts receivable 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 processes more than 17 million electronic trade documents annually with more than 21,000 registered users from more than 2,200 geographic locations worldwide. To learn more about PowerTrack or for a demonstration, call (800) 417-1844 or visit PowerTrack on the web at powertrack.com.

U.S. Bancorp (NYSE:USB), with assets of $189 billion, is the 8th largest financial services holding company in the United States. The company operates 2,201 banking offices and 4,506 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. Visit U.S. Bancorp on the web at usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank
                  Corporate Payment Systems
                  Dan Endy, 612-973-6901
                  dan.endy@usbank.com
                  or
                  Media Relations
                  Amy Frantti, 612-303-0733
                  amy.frantti@usbank.com

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Copyright (C) 2003 Business Wire.  All rights reserved.

SOURCE: U.S. Bank

"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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