A single intuitive accounts payable solution, integrated with business checking
U.S. Bank announced a powerful all-in-one cash flow management platform for small businesses. Providing a comprehensive accounts payable solution with streamlined cash flow management, enhanced bill pay capabilities with industry-leading flexible payment options, and the ability to easily sync with accounting software, it’s all seamlessly integrated into the U.S. Bank online banking platform. The accounts payable solution, called U.S. Bank bill pay for business, is now available for new users with any U.S. Bank business checking account, providing a one-stop hub where small business owners can manage their finances in less time with more confidence.
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“With U.S. Bank bill pay, small business owners have access to an all-in-one cash flow management solution that works as hard as they do,” said Shruti Patel, Chief Product Officer, Business Banking, at U.S. Bank.
As small business owners juggle multiple digital solutions to manage their operations, research shows that nearly three-quarters feel cash flow management and invoice/bill payment are ongoing pain points for their business.* Additionally, nine in 10 (88%) owners say the ability to centralize all bills/invoices into a single process is important.** U.S. Bank is responding to this need with bill pay for business, which enables business owners to:
- Use a single solution to manage payments and maintain records all in one place – within the existing business banking dashboard
- Make payments flexibly with the ability to set up recurring payments and make partial or multiple payments at once
- Streamline workflow by automating vendor invoices, auto-creating bills, and creating and managing payment approval workflows
- Seamlessly sync bills, vendors, and expenses with select accounting software
- Gain better visibility into cash flow with real-time updates on available funds and payments status
- Receive notifications to help avoid missing a payment due date or confirm a payment was received
- Manage finances anytime, anywhere with mobile-friendly tools in addition to desktop
- Have peace of mind with multistep fraud detection and secure transactions
“With U.S. Bank bill pay, small business owners have access to an all-in-one cash flow management solution that works as hard as they do,” said Shruti Patel, Chief Product Officer, Business Banking, at U.S. Bank. “This is our latest offering that brings together interconnected capabilities from across the bank in a seamless experience for our clients. Business owners can simplify and automate their accounts payable workflow, integrated with their checking account, so they can manage their finances with confidence and reduced anxiety – making it easier to run their business.”
U.S. Bank collaborated with two fintechs to bring this solution to life, integrating Fiserv’s CashFlow Central℠ solution, built in partnership with Melio, within the U.S. Bank online banking platform.
“Fiserv is proud to partner with U.S. Bank to provide this essential payments capability to its small business community, empowering them to operate their businesses more efficiently with less complexity,” said Matt Wilcox, Deputy Head, Financial Solutions and President of Digital Payments at Fiserv. “CashFlow Central is an end-to-end solution that helps power the bank’s central hub for all payment and banking needs, deepening their relationships with their valued small business customers.”
U.S. Bank serves more than 1.4 million small business clients with a comprehensive and integrated suite of banking, payments and digital solutions backed by support from experienced bankers. The bank offers a wide range of deposit accounts; merchant services products, including Elavon point of sale systems; loan products; credit cards; and treasury management services.
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