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U.S. Bank Launches Automated Travel Payment Tool; First Payment Provider in North America to Deliver Seamless Solution
October 29, 2013 09:30 AM Eastern Daylight Time
MINNEAPOLIS--(BUSINESS WIRE)--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.
"We are delighted to bring U.S. Bank Travel VirtualPay to North America"
"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-based U.S. Bancorp(NYSE:USB), with$361 billion in assets as of September 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the 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. Visit U.S. Bancorp on the web at usbank.com.
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