U.S. Bank has introduced an online third-party payment/treasury solution marketplace.
The bank’s Connected Partnership Network, announced Thursday (Sept. 21), helps corporate treasury teams easily identify and adopt technology connected with the bank, such as treasury management systems and working capital automation tools.
“Businesses are increasingly looking for ways to gain efficiency and streamline their processes,” Rich Erario, U.S. Bank’s head of global treasury management, said in a news release provided to PYMNTS.
“We know from our own research and conversations with clients that they see opportunity for digital transformation in their payment processes — whether receiving money from clients or sending payments to vendors.”
According to the release, the network makes it easier to find third-party applications integrated with U.S. Bank. The Minneapolis-based lender argues that using integrated network partners can help businesses cut down on the time and resources needed to implement treasury management services via embedded banking.
“And third parties benefit from the ability to integrate with U.S. Bank more easily on behalf of mutual clients,” the release said. “Examples include integrations with ERP systems, treasury management systems, and accounts payable and receivable systems.”
The launch of the bank’s partnership network is happening at a time when — as PYMNTS wrote recently — traditional payment systems “are primed for an upgrade when it comes to delivery of funds, predictability of funds, security of transactions, and settlements and reconciliations.”
But that report goes on to note that there are still bottlenecks around the scalable adoption of payment innovations, centered on the question of whether they can outperform existing solutions and whether they warrant investment into an all-new infrastructure.
Experts have told PYMNTS that despite a shift toward electronic and digital transactions, 62% of businesses still pay for commercial goods and services with legacy methods.
The launch of U.S. Bank’s Connected Partnership Network comes one week after the bank unveiled a program to provide banking, payments and wealth management services to smaller healthcare practices.
“While banks have traditionally focused their healthcare services on hospitals and large medical systems, more than 50% of practitioners are in small-to-midsize practices,” U.S. Bank said in a news release.
“These practices need services that will simplify their finances and operations, so their practitioners can spend more time on patients and less time on administrative tasks.”