MINNEAPOLIS--(BUSINESS WIRE)--March 6, 2006--(NYSE:USB) U.S. Bank
is offering an additional level of fraud security to business
customers with U.S. Bank UPIC(R) secure account identifier. A UPIC
(Universal Payment Identification Code) is a unique identifier that
masks the actual bank account numbers of business customers when
electronic payments take place.
"Our business customers that are using U.S. Bank UPIC are finding
it to be an innovative tool that makes fraud protection easier," said
Roxanne Luick, assistant vice president, Automated Clearing House
(ACH) product manager for U.S. Bank Treasury Management Services.
U.S. Bank UPIC keeps confidential the actual banking information
of a U.S. Bank customer receiving an ACH payment through the UPIC. The
customer's business partners who originate the ACH payments will not
see or have access to the actual banking information, which helps
prevent unauthorized payments from occurring.
No system changes are needed to accounts payable, accounts
receivable or cash management systems to use a UPIC. A UPIC looks and
acts like a standard bank account number, and travels through the ACH
network with the Universal Routing and Transit number. However, a UPIC
can only be used for ACH credit payments. A UPIC cannot be used to
electronically debit an organization's account or create a check or
demand draft, thus reducing the risk of unauthorized debits. The UPIC
can be printed on invoices, provided on matching gift forms and
displayed on the Internet without risk of fraudulent debits. Actual
bank account information is kept private.
A UPIC becomes an organization's permanent electronic payment
address. Portability of the UPIC reduces the effort required in
changing accounts due to bank mergers or changes in banking
relationships, including the cost of communicating new bank account
information to trading partners.
UPIC is a product offering and a registered trademark of the
Electronic Payments Network (EPN), a business unit of The Clearing
House Payments Company. EPN is the nation's only private-sector
Automated Clearing House (ACH) operator, and processes 40 percent of
all ACH payments in the United States. EPN is the only ACH operator
offering this risk management tool.
About EPN and The Clearing House Payments Company
The Electronic Payments Network (www.epaynetwork.com), a payments
business of The Clearing House Payments Company, is the only national
private-sector ACH operator in the United States. Its membership
consists of more than 1,600 commercial banks, credit unions and
savings banks. EPN processed more than 3.4 billion payments in 2005.
The Clearing House (www.theclearinghouse.org) is a private-sector,
global payment systems infrastructure that clears and settles more
than 25 million payments for $1.5 trillion per day. The Clearing House
manages payment services that span the entire spectrum of paper,
paper-to-electronic and electronic payments.
About U.S. Bank
U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With $209
billion in assets, U.S. Bancorp is the 6th largest financial holding
company in the United States. The company operates 2,419 banking
offices and 5,003 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.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank