U.S. Bank Home   Customer Service   Contact Us   Locations   Careers   About U.S. Bancorp   
U.S. Bank

Search
 
About



About



Related Links
Careers at U.S. Bancorp
Community Relations
Corporate Governance
Resources
IR Tool Kit
Print PagePrint Page
E-mail PageE-mail Page
RSS FeedsRSS Feeds
IR ContactsIR Contacts


Printer Friendly Version View printer-friendly version
<< Back
U.S. Bank and InstaMed(R) Announce Strategic Partnership Focused on Healthcare Payments

MINNEAPOLIS & PHILADELPHIA--(BUSINESS WIRE)--May 1, 2007--U.S. Bank has made an equity investment in InstaMed, a real-time gateway and processor of healthcare and payment transactions. The two companies have been working together in a strategic partnership for nearly a year, and have already processed tens of millions of dollars on the InstaMed Platform for various hospitals, healthcare providers, billing services, vendors and payers.

InstaMed Platform is the industry's first integrated processing platform built with the capability to process healthcare and payment transactions in both real-time and batch modes. The platform's capabilities include merchant acquiring, provider and patient portals, gateway services, bankcard and electronic check processing, patient financing and comprehensive healthcare clearinghouse functions.

As the responsibility for the cost of healthcare increasingly shifts to consumers through increased co-payments and the growth of consumer directed healthcare, providers of healthcare services need a solution that provides complete payment assurance by combining robust payment processing capabilities with real-time administrative healthcare information. U.S. Bank and InstaMed are well-positioned to help providers of healthcare services improve collections and reduce administrative expense.

"InstaMed's skills and deep knowledge of healthcare, combined with their robust and innovative platform are an excellent complement to U.S. Bank's broad payment capabilities and our focus on healthcare payments. This relationship creates new opportunities to streamline the payment process and create significant value for providers and payers," said Pam Joseph, vice chair of payment services for U.S. Bancorp, parent company of U.S. Bank.

Bill Marvin, president of InstaMed stated, "We are excited about the opportunity to drive new capabilities and innovations for healthcare and payment transactions in partnership with U.S. Bank. The fact that U.S. Bank is a premier player in the payments industry will enable us to quickly leverage the InstaMed Platform to transform the healthcare payment process."

U.S. Bank's equity investment was part of InstaMed's third round of funding, which included participation from InstaMed's existing investors, including NJTC Venture Fund and a private equity group based in Newport Beach, Calif.

InstaMed is a real-time gateway and processor of healthcare and payment transactions utilizing the patent pending InstaMed Platform. InstaMed's mission is to transform the healthcare payment process for Healthcare Providers, Payers, Banks and Patients so their payment experience is simple, convenient, reliable and secure. InstaMed is registered with Visa and MasterCard as an ISO/MSP/PSP of U.S. Bank. InstaMed is Payment Card Industry Level One certified and fully accredited by the Electronic Healthcare Network Accreditation Commission. Visit InstaMed on the web at www.instamed.com.

U.S. Bancorp (NYSE: USB), with $221 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,498 banking offices and 4,837 ATMs, 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
             Teri Charest, 612-303-0732
             teri.charest@usbank.com
             or
             InstaMed Public Relations
             Jillian Longpre, 215-789-3685
             jillian.longpre@instamed.com

    SOURCE: U.S. Bank
"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.



The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. U.S. Bancorp does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site.

This site is supported through the use of Microsoft Internet Explorer Browser, version 6.x or higher. Use of older or other browsers may cause pages to improperly display. We regret any inconvenience that this may cause.





Privacy Pledge   |   © 2010 U.S. Bancorp Site Map   |   Careers