U.S. Bank and Chrome River have launched the U.S. Bank Expense Wizard. The payment product combines both virtual payments and expense reporting in a mobile app powered by chatbots and artificial intelligence.
The solution is a travel expense management tool with a mobile app and virtual assistant that are designed to make it easy for employees to arrange travel within company policies, pay with a virtual card in a mobile wallet and capture and file receipts for expense reports as they go through their trip. The bank also says it is the first to offer a virtual card into an infrequent traveller’s mobile wallet.
Infrequent travellers, such as job candidates and contractors, have traditionally been relegated to paying their own expenses, filling out forms and waiting for administrative processes and approvals to be completed prior to reimbursement. Expense Wizard looks to solve this issue by providing an AI-based chatbot that enables payments and fully integrates into Chrome River’s expense reporting solution.
The bank also says that the tool also provides cost control and risk reduction benefits for companies, while streamlining the travel experience for the traveller.
Commenting on the announcement, Bradley Matthews, senior vice president for U.S. Bank Corporate Payment Systems, said "We worked closely with our innovation team and Chrome River to develop something completely revolutionary that brings mobile wallet technology and AI to the process, creating efficiency in a system that has been largely unchanged for years."
The app will be available shortly for Chrome River and U.S. Bank customers, with additional availability and enhancements promised for later in 2019.
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