U.S. Bank has launched a card, expense and travel management solution designed for middle-market companies.
The new U.S. Bank Commercial Rewards Card also provides rebates for business expenses to firms with annual revenue of $10 million to $150 million, U.S. Bank said in a Tuesday (June 27) press release.
“Emerging middle-market businesses have similar needs and opportunities as their larger competitors, but the traditional, complex corporate card and expense solutions weren’t designed for them,” U.S. Bank Head of Middle Market Bankcard Product Dan Skaggs said in the release. “That’s why we created a solution tailored for emerging middle-market companies that is easy to implement and includes features many large firms benefit from today.”
The U.S. Bank Commercial Rewards Card provides a single platform for managing a travel and expense program, replacing manual processes, and allows companies to better manage cash flow, gain insights into spend and ensure policy adherence, according to the release.
It also has lower spend thresholds than traditional commercial cards, allowing middle-market businesses to earn rebates faster, the release said.
The company had previously partnered with TravelBank and said the acquisition would accelerate its efforts to give businesses more confidence, control and convenience in managing payments and expenses.
“When we created TravelBank, we set out to make expense and travel management easier and more efficient for business professionals,” TravelBank Co-founder and CEO Duke Chung said in the release. “By joining forces with one of the leaders in corporate payments, we’re making that vision a reality.”
This new offering is one of several new expense management products and partnerships announced in recent weeks.
On Wednesday (June 21), PayEm integrated its global spend management and procurement platform with American Express, allowing American Express Corporate and Business Card Members to create and distribute on-demand virtual cards.
On June 20, Expend integrated Visa Business Card transactions into its spend and expense management platform, streamlining the processing of business expenses by allowing the transactions to be passed into the Expend app in real time.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.