U.S. Bank Launches Automated Travel Payment Tool; First Payment Provider in North America to Deliver Seamless Solution

  U.S. Bank Launches Automated Travel Payment Tool; First Payment Provider in
  North America to Deliver Seamless Solution

Business Wire

MINNEAPOLIS -- October 29, 2013

Today, U.S. Bank announced the full market launch of its Travel VirtualPay
product, following a successful pilot program. The bank is the first payment
provider in North America to deliver a truly integrated travel payment and
reconciliation tool that replaces manual central billing of hotel charges with
single-use virtual account numbers. Early adopters have praised the solution’s
ability to capture spend that is currently falling outside of their card
programs, allowing them to greatly enhance control and efficiency.

“Many of our employees do not have corporate credit cards issued in their
name, as they do not travel on company business on a regular basis,” said Al
Mazzola, director, Global Finance, Travel Services for Sykes Enterprises,
which employs 48,000 worldwide. “When we send them out on projects, we prepay
their hotel charges by faxing a copy of my credit card, plus a copy of my ID.
The security issues around this are obvious. Having a system like Travel
VirtualPay is a godsend. In addition, it has tremendously reduced the time
required for monthly reconciliation.”

With U.S. Bank Travel VirtualPay, travel managers can identify and track a
booking from the time of reservation through final settlement and audit. The
tool integrates directly with their current travel supplier or agency,
allowing them to easily request a virtual account for each booking and
consolidating all transaction data into one location. When a supplier charges
the account, an automated reconciliation process accurately matches traveler
and transaction, triggering immediate payment. This process dramatically
reduces paperwork, potential errors and labor costs, while seamlessly
producing a transparent view of travel spend for supplier and buyer alike.

“We are delighted to bring U.S. Bank Travel VirtualPay to North America,” said
U.S. Bank Travel Product Manager Mary Miklethun. “Organizations that have been
using traditional central billing methods love how it saves time and enhances
security. Travel VirtualPay aligns perfectly with our mission to provide
unique, distinctive solutions that help our clients capture and manage every
dollar of their travel spend.”

About U.S. Bancorp

Minneapolis-basedU.S. Bancorp(NYSE:USB), with$361 billionin assets as
ofSeptember 30, 2013, is the parent company ofU.S. Bank, the 5th largest
commercial bank inthe United States. The Company operates 3,088 banking
offices in 25 states and 4,937 ATMs and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. VisitU.S.
Bancorpon the web at usbank.com.

© 2013 U.S. Bank National Association. All trademarks are the property of
their respective owners.

Contact:

Nicole Garrison-Sprenger
U.S. Bank Media Relations
(612) 303-0731, nicole.sprenger@usbank.com
 
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