Creating the future now
Powering potential for businesses
Running a business involves many moving parts, and our teams provide trusted guidance to help businesses of every size navigate the journey. From products that enable users to make and receive payments to a dashboard for small business owners that provides greater visibility into their transactions in one place – our innovative banking and payments solutions are resonating with the market.
Helping businesses better understand their future cash flow, digitally
We knew that our small business customers wanted a better line of sight into their future cash flow(opens new window). We answered with a new online banking tool that lets them see a 90-day forecast, with the ability to leverage their external data in addition to their U.S. Bank accounts. This gives business owners valuable information to make smart decisions for today and tomorrow.
This tool is the latest feature we introduced as part of our U.S. Bank Business Essentials™(opens new window), an integrated suite of banking and payments solutions that are simple and convenient for businesses to use to manage and run their operations.
In September, we also launched talech Register(opens new window). The next generation all-in-one point-of-sale, payments and business analytics platform empowers small business owners to both accept payments from customers and better manage their operations. We also made it easy to get started with a unique option to rent hardware, which significantly lowers the initial investment for business owners.
Embedded technology transforms the way businesses send and receive payments
In early 2022, we announced a significant collaboration with Microsoft(opens new window) to drive our technology transformation through the power of cloud computing and, in turn, bring better digital experiences to customers. U.S. Bank AP Optimizer® and Elavon’s Payment Gateway(opens new window) are embedded into Microsoft’s popular enterprise resource planning and finance solution, making it easier for businesses to quickly use our resources.
Growing real-time payments capabilities
We’ve made significant progress helping clients realize the potential of real-time payments. In fact, the total number of real-time payment transactions soared 17 times higher January 2022 through September 2022 than all of 2020.
One key contributor to the growth is how we work with business clients to create real-time payment use cases. For example, we now provide real-time loan funding to auto dealerships(opens new window) after a loan contract is finalized by the bank, using the RTP® Network. While the traditional ACH payment method for funding auto loans can take several days – especially when sales are made outside of traditional Monday-to-Friday business hours – real-time payments to dealers are fast, secure and available seven days a week, including holidays. For an industry that does much of their business in the evening and on weekends, this is a significant improvement. Auto dealers using real-time payments gain a competitive advantage, with greater control over cash flow and improved Contract-in-Transit metrics, a key performance indicator for auto dealers and their employees.
The new service follows a partnership announced in March 2022 with the auto sales e-commerce site Driveway.com(opens new window) to support instant settlement for online car purchases on the secondary market, making Driveway the first online car dealership to pay customers over the RTP® network. Customers selling a car on Driveway.com can now receive instant payment into their bank account after a sale is complete and before the vehicle leaves their driveway.
Simplifying and accelerating supply chain financing
A constant over the past several years has been unprecedented stress in the global supply chain. To help lessen the burden, we entered into an agreement(opens new window) with trade-finance fintech LiquidX to expedite and simplify supply chain transactions.
This collaboration pairs our strong balance sheet with LiquidX’s streamlined platform technology to address supply chain finance friction and cash flow challenges facing many companies. Suppliers and buyers can connect their supply chain payment systems directly to U.S. Bank and transact through LiquidX’s easy-to-use platform. Our financing solutions delivered through this collaboration enable suppliers to be paid nearly immediately and buyers to receive extended payment terms.
Expanding our real estate resources
We continued to grow our commercial real estate (CRE) team in 2022, both geographically and in terms of capabilities. First, we expanded into Florida(opens new window) and built a team with extensive experience there. Additionally, we launched a new middle market commercial real estate team to grow our business with midsize developers and investors in key metro areas.
Helping clients track ESG data
With investors’ increasing interest in companies that are socially responsible and can prove it, there are new and higher standards for companies to meet. That’s why we partnered with Sustainalytics(opens new window), a Morningstar company and a leading global provider of environmental, social and governance (ESG) research and ratings, to offer ESG data solutions to U.S. Bank Global Fund Services clients. Where independent ESG analytics and reporting services are required, clients will have access to a range of derived fund-level sustainability measures applicable to their portfolio.