B2B Payments

U.S. Bank Taps New Global Treasury Leader

U.S. Bank is continuing along its route of executive reshuffling. Only days ago the financial institution announced a new head of corporate payment systems, Jeffrey W. Jones, who will replace the former position-holder, Kurt Adams.

On Thursday (Sept. 24), U.S. Bank made yet another change to its corporate banking services when it revealed that Rich Erario will now lead the company’s global treasury management unit.

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Erario will now take the position once held by Jones.

“When developing a long-term cash management strategy for a client’s unique needs, it’s critical for us to have a holistic understanding of their processes, as well as their corporate culture,” Erario said in a statement announcing his promotion.

The remarks were made in reference to the Working Capital DNA program, a venture aimed at helping business clients manage their cash flow and gain greater visibility into their finances. Reports said the bank has conducted more than 3,000 sessions as part of the program in the last three years. “We’ve built a way to do this efficiently through structured conversations and recommendations tied to quantifiable ROI results.”

U.S. Bank Executive Vice President for National Corporate Specialized Industries and Global Treasury Management Leslie Godridge said that the appointment of Erario to his position is part of the bank’s efforts to fuel the expansion of its corporate treasury services.

“We set out several years ago to grow our global treasury management business on the foundation of understanding and advocating for our clients,” Godridge stated. “Rich has been integral to this initiative, and we’re pleased to be able to promote from within the division.”

Erario has been with U.S. Bank for five years, according to reports, and has been serving as a senior vice president of the business treasury arm. U.S. Bank said he was a leader in the development of the aforementioned Working Capital DNA program.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.