U.S. Bank Expands Suite of Embedded Payment Products

U.S. Bank says it has expanded its suite of embedded payment solutions.

The expansion, announced Tuesday (June 17), lets businesses integrate payments into their existing systems, and includes a for-benefit-of (FBO) solution for companies to move money on behalf of their customers.

“Today’s finance leaders are under increasing pressure to optimize liquidity, reduce friction in payments, move quickly and enhance the customer experience,” Kristy Carstensen, head of U.S. Bank Treasury and Payment Solutions, said in a news release. “Our expanded embedded payments suite empowers organizations to embed secure, real-time payment capabilities directly into their platforms — streamlining operations and strengthening financial control.”

The release noted that U.S. Bank has been working to integrate payment capabilities into the software and platforms businesses use each day, with its Elavon subsidiary long supporting “embedded, technology-driven merchant acquiring solutions.”

According to the release, examples of the types of companies that can use embedded payments include FinTechs, insurance carriers, healthcare systems, online auto retailers, title companies and more.

Among these FinTechs is Basefund, which the release said integrates U.S. Bank’s payment capabilities to securely process high-value, multi-party transactions for the corporations and municipalities that are its customers.

“Our customers value how easy it is to use our platform to make their transactions secure. With U.S. Bank Embedded Payment Solutions, we can now process those transactions in the application while also providing the risk, security and compliance expertise of one of the nation’s leading banks,” said Basefund CEO Robert White.

As PYMNTS wrote last month, the rise of embedded payments is helping to change the business models of several types of businesses, including legal and financial services companies, accounting firms, nonprofits and logistics operators.

“For the payments processors serving those firms — and partnering with independent software vendors (ISVs) and other providers — helping them offer customers the payments options where and when they want them is essential,” that report said.

In an interview with PYMNTS, Adam Gray, chief transformation officer at Stax, noted that “as an industry we are always trying to serve new markets — and for embedded payments, there are historically underserved markets that we’re seeing growth.”

These small to mid-sized businesses, Gray added, are embracing technology and software, and are looking to consolidate their vendors.

That means that technology providers need to function as “one-stop shops” for ways in which they can reduce costs and hone in on their core specialties, without worrying about integrating payments into the mix.

The post U.S. Bank Expands Suite of Embedded Payment Products appeared first on PYMNTS.com.