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
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
"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
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
Gregory King, 781-501-4325
SOURCE: U.S. Bank