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U.S. Bank PowerTrack Recieves Research Firm's Highest Ranking in Electronic Financial Supply Chain Industry

MINNEAPOLIS--(BUSINESS WIRE)--July 26, 2004--U.S. Bank PowerTrack(R) received the highest ranking among "buyer-driven solutions" and was declared the industry leader in the features and functionalities category in a recent report distributed by Celent. Celent is an independent research and consulting firm focused on the application of information technology in the global financial services industry. The report, Scaling the e-Financial Supply Chain Mountain, examined e-financial supply chain solutions and tracked the evolution of the industry.

Celent reported that PowerTrack "towers above the rest" when compared to such well-known companies as Xign, Velosant, Oracle, and Deutsche Bank. "The muscle of PowerTrack's capabilities resides in the six highly configurable components: data exchange, compliance audit, transaction management, accounting, payment settlement, and business intelligence," the report stated. "The scope of PowerTrack's features is striking, extending from the order file to payment settlement and audit posting."

The report findings indicate that despite being widely adopted in the physical supply chain, more and more Fortune 500 companies are just beginning to discover e-solutions for their financial supply chain needs as well. Electronic solutions are now moving to encompass corporate financial processes, such as payment and trade credit, whereas just a few years ago, e-solutions interested only mid-level managers and were seen simply as labor-saving tools.

Today, however, the possibilities for greater integration, visibility and efficiency, and long-term cost savings make solutions like PowerTrack appealing for chief financial officers across the globe. PowerTrack's unique features and capabilities offer an ideal solution for a variety of business units, including: treasury management, procurement and compliance.

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 eliminating paper and enabling robust pre-payment audits, real-time exception identification, collaborative resolution, and integrated expense classification and reporting. 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 $190 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,315 banking offices and 4,565 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 in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

    CONTACT: U.S. Bancorp Media Relations
             Teri Charest, 612-303-0732
             Corporate Payment Systems
             Dan Endy, 612-973-6901

    SOURCE: U.S. Bancorp
"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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