WASHINGTON--(BUSINESS WIRE)--June 29, 2004--U.S. Bank Corporate
Payment Systems will provide purchasing card services to the U.S.
Department of Transportation (DOT). This is the second major federal
government contract won by U.S. Bank in less than a year. In 2003,
U.S. Bank was selected by the Department of Homeland Security (DHS) to
provide similar services in the first major award under the
government's SmartPay program since 1998.
The contract is effective on Nov. 30, 2004. The DOT expects annual
charge volume of approximately $150 million dollars, making it one of
the twenty largest purchasing programs in the federal government.
"This is a great win for U.S. Bank," said Rob Abele, executive
vice president of U.S. Bank Corporate Payment Systems. "The DOT is
certainly an attractive addition to our government portfolio, but just
as importantly, this task order award validates the work we have done
in the government market in recent years developing strong products
and providing excellent service. It also reflects our proven ability
to seamlessly migrate these large accounts from previous card
U.S. Bank has a long history of providing commercial card services
to government agencies and is the largest purchasing card provider to
the federal government. In addition to DOT and DHS, other U.S. Bank
government customers include: the Department of Defense (DOD) and
under it the Army, Air Force and other DOD agencies, the United States
Postal Service (USPS), the Department of Health and Human Services
(HHS) and the Executive Office of the President.
In 1998, GSA awarded contracts to five financial institutions
including U.S. Bank to provide federal agencies with commercial card
services for travel, purchase and fleet needs. The GSA SmartPay
contracts were effective from November 1998 through November 2003,
with five one-year options to renew, through November 2008.
SmartPay was instituted to help government agencies minimize the
issuance of purchase orders and the receipt of invoices, reduce
administrative costs, improve cash management by eliminating the need
for advance funds, third party drafts and cash on hand and consolidate
purchases from many suppliers to a single invoice. The GSA estimates
that its SmartPay purchasing card programs saved government agencies
more than $1 billion dollars in 2003.
U.S. Bank Corporate Payment Systems offers clients a full suite of
solutions for commercial card, fleet and business-to-business (B2B)
payment needs. U.S. Bank was the first to offer corporate bankcard,
purchasing card and relocation card programs. It was also the first to
offer a private-label fleet card, and is one of the largest merchant
acquirers in the world. Corporate Payment Systems clients include
nearly one-third of the Fortune 100 and one-half of the Fortune 500
U.S. Bank is a subsidiary of Minneapolis-based U.S. Bancorp
(NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th
largest financial services holding company in the United States. The
company operates 2,275 banking offices and 4,472 ATMs in 24 states 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 www.usbank.com.
CONTACT: U.S. Bank
Teri Charest, Media Relations, 612-303-0732
Dan Endy, Corporate Payment Systems, 612-973-6901
SOURCE: U.S. Bank