B2B Payments

U.S. Bank Ups Virtual Card Services

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This isn’t the first time U.S. Bank has upgraded its commercial payment services this year, and it may not be the last. But, on Thursday (Feb. 18), the FI announced an expansion of its business payment capabilities via the launch of the U.S. Bank Commercial Payments Manager (CPM).

According to an announcement from the bank, the CPM provides automated services for mid-market businesses that need virtual card payment capabilities. The solution aims to complement U.S. Bank’s Access Online data management tool, a platform that helps businesses manage and record spend on their commercial card products.

The CPM portal automates data capture for spend, with access to this insight from various devices at any time, the firm said. Next quarter, the Commercial Payments Manager will also include tracking of rewards from the U.S. Bank FlexPerks Corporate Rewards card program.

It also allows these users to make payments via mobile devices with virtual card capabilities, reports said.

“Together, Commercial Payments Manager and Access Online support the market’s widest range of commercial card and virtual payment choices,” said Jeff Jones, the bank’s corporate payment systems president, in a statement. “By offering two complementary systems, U.S. Bank has made it easier for customers of every size and sophistication to access all of the options they need to support and grow their organizations.”

The Access Online tool integrates into companies’ existing ERP and accounting portals, the bank added, and offers mobile accessibility. U.S. Bank said it would be rolling out upgrades to the Access Online service in the near future as well.

Only weeks ago, U.S. Bank announced a separate commercial payments expansion for its SME clients. The bank now connects smaller businesses with MasterCard’s Business Network, another online portal where companies can customize spend controls and reporting connected to their commercial cards, along with other business management features.

These initiatives follow the bank’s decision last September to name Jones as the new corporate payment systems president after the resignation of Kurt Adams.

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