“Our clients who have adopted mobile commercial payments are responding with great enthusiasm to its use for business travel,” said U.S. Bank Global Bankcard General Manager Jeff Rankin. “At the same time, the number of hotels, airlines and other merchants accepting contactless payments via mobile phones is climbing. By 2020, experts predict the volume of mobile payments will jump by 80% from 2015 levels. These trends are making the on-the-road payment experience increasingly easier and more secure. We’re delighted to partner with Mastercard to help advance that vision.”

Mobile payments offer added layers of security by connecting transactions to both users and their devices with technology called tokenization. Tokenisation is a safe way to send sensitive data by replacing the actual information, for example, a card account number, with a proxy, known as a token. The token is protected both in-transit and at-rest. This reduces opportunities for fraud because actual card numbers are not stored on the device or at the retailer.

“Consumers expect to have multiple ways to pay including cards, phones and other mobile devices,” said Ed Glassman, EVP of North America Account Management for Mastercard. “It makes sense to bring these same options to the world of commercial cards. Mastercard is pleased to join forces with U.S. Bank to make life a little easier and more secure for business travelers.”

Commercial customers of the bank are encouraged to contact their U.S. Bank commercial card relationship manager or account coordinator with questions about mobile corporate payments.

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By using the mobile device’s location in the authorization decision, U.S. Bank can help give consumers the confidence that their transactions will be approved, minimizing disruptions and further reducing the risk of fraud. The bank’s easy-to-use mobile app automatically provides consumers with this added layer of convenience and protection. Users will have the ability to opt out of the feature.

“During the holiday season, consumers frequently make large purchases outside of known locations when traveling, and the location services feature gives our customers more control of their card activity, both domestically and internationally,” said John Steward, President of the Retail Payment Solutions division of U.S. Bank. “It’s one more way our new U.S. Bank Altitude Reserve Visa Infinite and other cards can help make their holiday travel experience more relaxing and convenient.”

The location services further enhance the bank’s mobile app, which helps customers simplify their lives with several financial tools at their fingertips, including the ability to check balances, pay bills, deposit checks and wire money. All U.S. Bank Visa credit and debit cards will be able to use the feature with the U.S. Bank Mobile App, demonstrating U.S. Bank’s commitment to exceptional service.

The mobile location feature is available for Android and Apple devices. The feature also is available for U.S. Bank’s small business cardholders.

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“Organizations are looking for payment solutions that solve real-life challenges,” said Dominic Venturo, executive vice president and chief innovation officer, U.S. Bank. “With Disbursements via Zelle and Supplier Prefer Pay we make payables more secure and efficient for business clients by eliminating the upfront effort required to obtain the payees’ banking information.”

Disbursements via Zelle enables companies to send electronic payments to individuals using only their mobile number or email address. To make this possible, U.S. Bank uses the Zelle Network and its real-time messaging capabilities to enable clients to send money to any payee with a bank account in the U.S., either in real-time or next day.

Supplier Prefer Pay is a complete solution to enroll and pay suppliers, offering multiple payment methods. It helps businesses migrate away from checks toward the expanded use of virtual card and ACH payments. Supplier Prefer Pay seamlessly processes vendor payments and provides detailed payment-related remittance information to the vendor.

“U.S. Bank continues to be a leader in financial services innovation,” said Rich Erario, executive vice president and head of Global Treasury Management, U.S. Bank. “These solutions are examples of how U.S. Bank is innovating using new payment technology to provide clients with effective ways of optimizing working capital and reducing overall processing costs.”

U.S. Bank has been working in the faster payments arena for years, and was well positioned to be one of the first financial institutions to partner with Zelle, and among the first to launch its Zelle B2C payments capability this year.

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To further its commitment to supporting work and small businesses, U.S. Bank is also introducing a new business referral program which connects small businesses who do not qualify for a loan product to a national network of Community Development Financial Institutions (CDFIs).

The new CDFI online referral tool, known as Connect2Capital, was developed by Community Reinvestment Fund, USA (CRF). Connect2Capital will leverage the key role CDFIs play in local communities, providing access to capital and support services for small businesses, the primary engines of employment and economic vitality across the country, and especially in low- and moderate-income communities. The program will launch in November.

“At U.S. Bank, we invest our time, resources and passion to build and support vibrant communities that allow every person to work toward their possible,” said Reba Dominski, Chief Social Responsibility Officer for U.S. Bank. “We are focused on economic development and it starts by supporting nonprofits who help people achieve higher education, become financially literate, secure employment and develop small businesses. An example of our continued effort to support small businesses is the new Connect2Capital tool developed with CRF, which we are excited to roll out soon. Our goal is for even more small businesses to get the access to capital and resources they need to grow and contribute to a healthy community.”

In addition to the Foundation grants, U.S. Bank employees also give back in the area of Work through volunteerism and pro bono service. In 2016, more than 150,000 individuals were served through 2,850 financial education seminars and online workshops in local communities.

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