Just weeks after U.S. Bank President of Corporate Payment Systems Kurt Adams left his post, the financial institution has named his replacement.
An announcement Monday (Sept. 21) revealed Jeffrey W. Jones has been tapped to lead the unit, an appointment that follows more than a decade as leader of the bank’s global treasury management arm, according to reports.
In a statement, U.S. Bank Vice Chairman for Payment Services Shailesh Kotwal described Jones as “ideal” to take charge of corporate payment operations. “Under his astute leadership, our global treasury management group transformed into a premier provider of consultative working capital management solutions, top-ranked by the Greenwich Quality Index and other independent reviewers,” Kotwal stated. “He will bring that same energy and forward-thinking approach to his new role."
The bank’s corporate payments services help businesses manage B2B payment processes for fleet, corporate travel, procurement and other means. According to the company, U.S. Bank processed $53.6 billion in commercial payment volume last year.
U.S. Bank is also the world’s second-largest corporate travel card issuer and third-largest purchasing card issuer in the U.S.
In his own statement, Jones said that he will be taking this position “at a time of tremendous opportunity for the business.”
“The rapid development of mobile and other forms of cardless payment foretells a period of unprecedented innovation in corporate payments,” he stated.
[bctt tweet=”‘The rapid development of mobile foretells a period of unprecedented innovation in corporate payments.'”]
U.S. Bank has made several moves within the B2B payments space this year. In June the institution rolled out upgrades to its virtual commercial card services, while last October it launched the Payment Plus system to help companies streamline their electronic B2B payments.