U.S. Bank is expanding its card-based and cardless corporate payment solutions to Europe. In partnership with Visa, the bank will be the first in Europe to offer Visa Payables Automation. 

Visa Payables Automation system

Visa Payables Automation is an easy-to-use solution that can be implemented with little-to-no IT support. Visa Payables Automation gives organizations the ability to automate their payables function by using a virtual credit card account process to make payments.

Benefits

Visa’s paperless electronic payment service that replaces cheques, eliminates tedious processing work. Visa Payables Automation is similar to U.S. Bank Access® Online Payment Plus, the bank's electronic accounts payable tool in North America.

The Visa Payables Solution provides organizations with up to 55 days credit, depending on transaction timing. It can be set to allow spending only at approved suppliers, enhancing policy compliance and discount savings from preferred suppliers. Another vital benefit of the solution is that U.S.Bank’s ’s Elavon subsidiary, a leading merchant acquirer in Europe, will be providing supplier training and enrolment support for U.S.Bank’s corporate client. This will ensure that supplier enrolment is maximised. 

Roll-Out

The new payables solution will be available in nine European currencies: Euro, British Pound, Danish Krone, Hungarian Forint, Swiss Franc, Czech Koruna, Norwegian Krone, Polish Zloty and Swedish Krona.

The bank will initially target its U.S.-based multinational clients with significant operations in Europe. “For our clients who wish to expand their payment programs outside of North America, our new payables solutions for Europe deliver a balance of global consistency and local flexibility,” said U.S. Bank Corporate Payment Systems President Kurt Adams.

In the longer term, U.S.Bank will also be offering corporate purchasing cards in Europe.

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CTMfile take: Visa’s Payables Automation service is an important development in payables processing in Europe and combined with their local merchant acquirer Elavon’s support U.S.Bank will be able to deliver an effective solution for their corporate clients in Europe.