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U.S. Bank and Concur Technologies Sign First Customers

MINNEAPOLIS, Jan 29, 2004 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB)

U.S. Bank Corporate Payment Systems and Concur Technologies, Inc. announced today that Maurices, Inc. and a leading fluid technology company have become the first U.S. Bank commercial card customers to implement AccessExpense. Developed and powered by Concur, AccessExpense provides customers with the world's leading Web-based travel and entertainment expense management solution.

By leveraging the expertise of U.S. Bank and Concur Technologies, customers receive a corporate travel card from the world's largest bank issuer, and the business service expertise of Concur Technologies, the global leader in expense management. The U.S. Bank corporate card offers unparalleled global acceptance, extensive management reporting, custom billing and payment options and a host of comprehensive travel benefits. AccessExpense also allows U.S. Bank customers to simplify expense management by automating the process, ensuring a far greater degree of accuracy, while adhering to corporate governance requirements, such as Sarbanes-Oxley.

"The first AccessExpense customers chose U.S. Bank for the combined value of our corporate card and the added power of a top-notch expense management solution," said Robert T. Abele, executive vice president for U.S. Bank. "Both companies required a travel card with extensive benefits, access to worldwide cash advance systems, 24-hour customer service and automated expense reporting; we're confident that both companies will leverage all of the services and features associated with our corporate card and AccessExpense."

"We are extremely excited about the partnership we have embarked upon with U.S. Bank and Concur," said Nancy Adams, travel manager for Maurices, Inc. "We were impressed with the capabilities this system will offer us -- not only from a back office accounting function, but also from a front-end traveler convenience aspect. We anticipate that our expense reporting process will be simplified and we will obtain more accurate data to be used in a multitude of ways."

AccessExpense is a co-branded version of Concur Expense that enables U.S. Bank to provide its customers with a powerful, complementary tool to couple with its commercial card. AccessExpense automates the travel and entertainment expense management process including expense report preparation, policy compliance, reimbursement, data analysis and enables improved financial reporting.

Concur Technologies, Inc. (Nasdaq:CNQR) is the world's leading provider of Corporate Expense Management solutions, servicing thousands of companies worldwide. Concur solutions include Concur Expense for travel and entertainment expense management and Concur Payment for managing employee request for vendor payments. Concur also offers value-added software and services to complement its core solutions, including Concur Imaging Service, Concur Travel Integration, Concur Business Intelligence, and Concur Total Access. Concur solutions streamline business processes, reduce operating costs and improve internal controls while empowering financial managers to apply greater intelligence to their company's spending patterns. More information about Concur is available at www.concur.com.

U.S. Bank Corporate Payment Systems, a division of U.S. Bank, offers clients a full suite of solutions for commercial, fleet and B2B payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing and relocation card programs, the first to offer a private-label fleet card and is one of the largest merchant acquirers in the world. Corporate Payment Systems maintains an enviable list of clients including nearly half of the Fortune 100 and more than 30 percent of the Fortune 500.

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 2,243 banking offices and 4,425 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 U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank
                  Dan Endy, Corporate Payment Systems, 612-973-6901
                  Karen Greenwood, Media Relations, 612-303-0731

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Copyright (C) 2004 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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