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U.S. Bank Simplifies Online Purchasing for Medium to Larger Companies With Enhancement to Its Commercial Card Program

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 3, 2006--U.S. Bank is offering a new tool that extends the power of its commercial card beyond payment processing and automates its entire purchase-to-pay (P2P) process. The tool, called U.S. Bank Access(R) Purchase, connects buyers and suppliers over the Internet quickly and inexpensively, allowing commercial customers to purchase and pay for goods and services from existing suppliers online, and still receive the detailed tracking information that makes it easier to manage the procurement process.

U.S. Bank Access Purchase provides a single, uniform view to a supplier's catalog of products and services. It allows U.S. Bank commercial customers to define approved suppliers, products and services, generate electronic purchase orders, create and route requisitions for approvals, monitor orders and account activity, retrieve information and create reports all with a single point of access. The system is designed to help medium to large enterprise companies reduce the cost and complexity of implementing an electronic procurement system, while improving efficiencies and lowering costs associated with the traditional non-uniform and fragmented purchasing process.

"We worked closely with many of our customers to configure a solution to make sure it complements the purchasing card and supports business efficiency. More than 20 companies participated in the Access Purchase pilot. We received regular feedback confirming its success. It's intuitive, flexible and easy to use for both buyers and suppliers," said Joe Zappa, senior vice president, U.S. Bank Corporate Payment Systems.

U.S. Bank Access Purchase was designed from the perspective of the end user by U.S. Bank's team of experts in corporate payment systems and merchant services, in partnership with Elcom Inc., a leading provider of Internet-based commerce process management solutions.

"U.S. Bank's customers and the market in general need a complete purchase-to-pay solution that captures and manages everything from Level-III order detail, to transaction settlement and reconciliation," said Charles Collins, managing director, strategic alliances at Elcom. "U.S. Bank is setting itself apart from its competition by offering its commercial card customers, a no cost, world-class uniform ordering and payment system."

The Antioch Company, a provider and manufacturer of scrapbooks and other products for memory celebration based in St. Cloud, Minn., was one of the first companies to use Access Purchase. It advised U.S. Bank on the development needs of the online service, which the company uses to purchase and pay for goods and services from its supplier, Office Depot, which is one of the many participating suppliers that has joined the program.

"U.S. Bank wanted to know exactly what we liked and what we felt needed to be improved or changed, and we knew our opinions mattered because we could see them reflected as improved functionality was integrated into Access Purchase," said Judy Miller, program administrator for The Antioch Company.

Another early participant was Metal Sales, a sheet metal manufacturer based in Sellersburg, Ind. "Through Access Purchase, we have access to our preferred suppliers with an exciting new online purchasing environment that provides a convenient, one-stop buying experience," said Karen Recker, program administrator at Metal Sales. "It brings all our suppliers right to our fingertips."

Elcom International, Inc. (OTCBB:ELCO) and (AIM:ELC and ELCS), is an international provider of Commerce Process Management solutions for buyers, suppliers and communities of commerce. Commerce Process Management refers to the application of people, process and technology to effectively manage the online exchange of goods and services including sourcing, purchase, receipt and payment in one seamless end to end process. To learn more about the partnership between Elcom and U.S. Bank, visit Elcom on the web at www.elcom.com.

U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank Media Relations
Jennifer Wendt, 612-303-0731
Elcom International
Gregory King, 781-501-4325


"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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