Working with Visa, U.S. Bank is bringing a wide range of card-based—as well as cardless—corporate payment offerings to European customers. That includes a new program to offer its corporate purchasing cards in Europe. The bank will be the first in the continent to offer Visa Payables Automation, which is Visa’s paperless electronic payment service that replaces checks, thereby accelerating processing and boosting an organization’s cash flow by extending credit by more than seven weeks.
Visa Payables Automation gives businesses the ability to automate their payables function by using a virtual credit card account process to make payments. It will be available in nine European currencies: Euro, British Pound, Danish Krone, Hungarian Forint, Swiss Franc, Czech Koruna, Norwegian Krone, Polish Zloty and Swedish Krona.
“U.S. Bank corporate clients in Europe can now take advantage of Visa Payables Automation to streamline the accounts payable process,” said Tad Fordyce, a Visa SVP and head of its Global Commercial Solutions unit. “By automating, corporate clients eliminate processing steps and pay their suppliers more efficiently with safe, reliable and convenient electronic payments.”
U.S. Bank also said that this rollout in Europe has a specific purpose. “For our clients who wish to expand their payment programs outside of North America, our new payables solutions for Europe deliver a balance of global consistency and local flexibility,” said U.S. Bank Corporate Payment Systems President Kurt Adams. “Now, an organization’s European operations can enjoy the same benefits and cost savings experienced by their U.S. counterparts, including better visibility into spending and an enhanced rebate opportunity. At the same time, they gain comprehensive, automated data reporting to meet local requirements in regions across the continent.”
Users of the system have as many as 55 days credit, depending on transaction timing, the bank said. “The system can be set to allow spending only at approved suppliers, enhancing policy compliance and discount savings from preferred suppliers. Because supplier participation is an important component to any successful electronic payment solution, U.S. Bank’s Elavon subsidiary offers industry leading merchant acquiring, supplier training and enrollment support to its merchants.”