TREASURY NEXT:
Your link to treasury innovation
January 2024
January 2024
As part of our commitment to delivering solutions that meet modern expectations about treasury and technology, U.S. Bank has launched an online marketplace for companies to identify third-party payment and treasury solutions that are fully integrated with the bank.
The new U.S. Bank Connected Partnership Network makes it easier for organizations to embed banking capabilities into the platforms and systems they’re already using today. Together, U.S. Bank and these trusted network partners deliver expanded, scalable solutions that meet businesses’ unique needs.
“Our vision at U.S. Bank is to deliver integrated, real-time payment solutions, which allow clients to experience embedded payment and reporting capabilities quickly and seamlessly,” says Rich Erario, head of Global Treasury Management at U.S. Bank.
By 2024, 70% of businesses likely will use A/P automation and realize return on investment (ROI) through internal operational efficiencies, according to a study Datos Insights prepared for U.S. Bank. The survey of finance and treasury professionals shows that companies need to modernize their accounts payable (A/P) or risk falling behind in a rapidly shifting marketplace.
By identifying the time and effort spent processing paper and PDF invoices, routing approval emails and posting approvals within the account system, companies can identify A/P automation value and demonstrate ROI value.
U.S. Bank APIs receive multiple awards for streamlining Minnesota bonus program
An innovative collaboration between U.S. Bank and a social impact platform helped the State of Minnesota distribute bonuses to almost 1 million workers in 2022, swiftly and securely delivering one-time payments of just under $500 each to essential frontline workers.
The partnership between the bank and Submittable was recently recognized as the Best Bank & FinTech Partnership for the Banking Tech Awards and the Best Fintech Partnership for the 2023 Finnovate Awards and as a best-in-class API in the 2023 Best in Payments APIs.
The collaboration combined software to process applications and leverage the bank’s application program interface (API) for direct deposit and prepaid card capabilities to issue timely bonuses over a holiday weekend. The effort saved the state hours of staff time that would have been required to manage the process and ensured these frontline workers received their premiums.
Please reach out to your relationship management team if you would like to learn more on any of these topics. Thank you for your partnership.
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