U.S. Bank Debuts Tool for Faster Small Business Money Movement

U.S. Bank has introduced a tool to help small businesses move money faster.

Enhanced Payments, announced Wednesday (July 8), is offered through the bank’s mobile app and online banking platform and designed to help businesses save time and lower costs.

“Businesses can complete international wires digitally rather than at a branch and move money quickly with convenient options such as same-day ACH and instant payments,” U.S. Bank said in a news release provided to PYMNTS.

“With lower per-transaction fees, secure anytime/anywhere access, and multiple payment options – including ACH, wires, and instant payments – the bundled solution gives business owners more control and clarity over their cash flow.”

The release adds that the launch is part of a larger strategy by the bank to provide improved solutions for business owners, letting them monitor their accounts, move money, and conduct other activities from a single digital interface.

In addition to Enhanced Payments, U.S. Bank is debuting features for all online banking business users. These updates include transaction limits designed for growing small businesses and tools to help owners pick the money movement option that best works for them.

“By integrating advanced money movement capabilities directly into online banking, we’re helping clients move money quickly and conveniently,” said Shruti Patel, chief product officer for business banking at U.S. Bank.

“This solution not only saves time and reduces costs, but it also gives business owners the flexibility and clarity they need to manage payments with confidence as they grow.”

The launch comes as American small and medium-sized businesses (SMBs) are facing some of the same responsibilities as their larger counterparts, as PYMNTS wrote last week.

“As international sourcing becomes routine rather than exceptional, America’s small businesses are inheriting enterprise finance responsibilities ranging from foreign exchange management to supplier liquidity and cross-border cash flow,” that report said.

Research from the PYMNTS Intelligence/Mastercard collaboration “The Cross-Border Opportunity: What Global Sourcing by US SMBs Means for Payment Providers” showed 57% of SMBs now buying goods or production inputs from overseas suppliers.

In addition, close to three-quarters of firms that generate between $1 million and $10 million in annual revenue source internationally. Even among businesses taking in less than $150,000 per year, more than 40% now buy from foreign suppliers.

“The shift is redefining what modern SMB finance teams are expected to do,” PYMNTS added.

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