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Payment Plus Introduced at U.S. Bank Conference
MINNEAPOLIS-(Business Wire)-March 27, 2008 - U.S. Bank Corporate Payment Systems has introduced U.S. Bank Access(R) Online Payment Plus. The new product was introduced to treasury managers, corporate controllers and purchasing card program managers at the Financial Supply Chain Conference in Anaheim, Calif. March 4-6. Attendees responded favorably to the new product launch, which included presentations by Kris Koch of Genuine Parts Company, one of the first U.S. Bank clients to implement the product.
Koch presented the results of his beta test of the product, which included only the SP Richards division of Genuine Parts. During his presentation, Koch noted that "We were looking for a way to increase control with vendors where we make infrequent, high dollar purchases, while maintaining the data and process integrity of our AP system. Payment Plus gives us all that capability as well as easy reconciliation." Koch estimates that total transactions through Payment Plus will increase to at least $50 million in 2008. The company plans to expand the program to remaining Genuine Parts subsidiaries.
Payment Plus extends the value of purchasing card programs by allowing organizations to further automate their accounts payable business processes through diminishing paper, increasing controls, reducing risk and facilitating working capital optimization. Payment Plus accommodates payment for purchases with high control requirements such as purchase orders, receipts and invoices. Payment Plus leverages existing client systems (such as order, receipt, inventory, fixed assets, accounts payable, etc.) to generate approved payments that may then be placed on purchasing card accounts.
"This is a natural extension of the commercial payment products we currently bring to our clients," said Jeff Pape, senior vice president of product management for U.S. Bank Corporate Payment Systems. "Our integration of this product within our existing electronic access tool allows for straight through processing and automated supplier notification, a distinct advantage over our competitors, and one that our clients have been very quick to recognize and embrace."
U.S. Bank has processed hundreds of payment instruction files through Payment Plus, including the largest single transaction of $1.55 million.
U.S. Bancorp (NYSE: USB), with $238 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,518 banking offices and 4,867 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.
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