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U.S. Bank to Offer Chip Technology in Corporate Cards for U.S.-Based International Travelers
August 23, 2011
MINNEAPOLIS—(BUSINESS WIRE)—U.S. Bank, the second-largest corporate travel card issuer in the United States, will begin issuing commercial cards with EMV chip technology for U.S.-based international corporate travelers. U.S. Bank's international cards will enable users to make card payments via the chip-card readers commonly used overseas or the magnetic stripe readers that still predominate in the United States.
The new commercial card offering follows on the heels of a June 10 announcement that U.S. Bank had become the first issuer of such "dual interface” chip technology to the U.S. consumer market with its FlexPerks Travel Rewards Visa® card. The addition of commercial cards has been in the planning stages for several months in response to client requests and market research.
"Global card acceptance and compatibility are concerns for customers engaged in extensive international travel, and we're pleased to offer them this solution,” said Kurt Adams, executive vice president of U.S. Bank Corporate Payment Systems. "Both Visa and MasterCard have been engaged with us and support our goal to bring this to the U.S. market as quickly as possible.”
U.S. Bank already issues chip-enabled cards to its commercial customers in Canada. In July, the bank began issuing commercial cards with full chip-and-PIN capability for corporate clients in Europe.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 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 and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank Public Relations
Teri Charest, (612) 303-0732