US Bancorp: US Bank honored for innovating in meeting customer payment needs with Instant Card


Impact 2021 prize in product development awarded to the company by the Aite group.

As employers across the United States fired employees home for work in the spring of 2020, US Bank began hearing from business credit card customers who were having a problem. Businesses needed to quickly provide many of their new remote workers with a way to make purchases – like home office equipment – without using their personal credit cards. At the same time, many on-site employees had to procure PPE and cleaning supplies.

To meet these customer payment needs, US Bank accelerated its development and launched US Bank Instant Card in June 2020. The virtual business credit card offers employees, contractors and outside consultants a fast and efficient way to make authorized purchases and support business continuity. Once the employer sets the restrictions and expiration dates for the card to protect against fraud and abuse, the card is sent directly to the user’s mobile phone for immediate use.

For taking action and creating an “innovative and rapid solution that meets the essential payment needs of its customers”, US Bank recently received the 2021 Impact Innovation Award in Product Development by the Aite Group, a global research and consultancy company. The Impact Innovation Awards celebrate “innovation by financial institutions leveraging technology to move beyond the status quo.”

In the Impact Brief presented with the award, the Aite group wrote: “Covid may have acted as a catalyst for change, highlighting the importance of technological modernization for financial institutions. The American bank answered the call.

The Impact Brief added that Instant Card has “seen a high level of adoption since its inception, with creative use cases including distributing emergency funds to foster parents, funds for workers on the ground of utilities, food and shelter for emergency firefighters, travel and the like financial assistance for university students and travel assistance ”for job applicants.

“We are committed every day to providing our customers with innovative payment solutions, like Instant Card, that help them operate more efficiently while providing convenience and control,” said Bradley Matthews, senior vice president of payment solutions business and treasury at US Bank. “We are honored to receive this award and look forward to continuing to help more customers use this solution. Instant Card’s impactful use cases continue to grow. ”

Disclaimer

US Bancorp published this content on 20 November 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on Nov 20, 2021 06:23:04 AM UTC.


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Elaine R. Knight