U.S. Bank presented an online platform for third-party payments/treasury solutions.

The partner network of the specified financial institution under the name Connected, which was announced on Thursday, September 21, provides corporate treasury teams with the opportunity to identify and implement lender-related technologies without any difficulties. In this case, solutions are provided for the use of treasury management systems and working capital automation tools.

Rich Erario, head of Global treasury management at U.S. Bank, says that businesses are currently interested in gaining access to ways to increase the level of efficiency of processes and optimize its. According to him, based on the results of the lender’s own research and as part of the experience of communicating with customers, an understanding was formed that organizations see opportunities for digital transformation of their payment systems. He noted that this vision of own prospects extends both to receiving money and sending funds.

The press release of the financial institution claims that the new network simplifies the search for third-party apps that are integrated with U.S. Bank. The lender, which is based in Minneapolis, said that using partners in this network will help businesses reduce the time and save resources that are needed to implement treasury management services using embedded banking.

The press release also indicates that third parties benefit from the possibility of simplified integration with U.S. Bank on behalf of common customers. In this case, integration with ERP systems, treasury management systems, and accounting systems for accounts payable and receivables is provided.

The financial institution has launched a partner network at a time when traditional payment solutions are ready for renewal if modernization concerns the delivery of funds, predictability of assets, security of transactions, settlements, and reconciliation. At the same time, there are still some problems in solving these tasks. The issue of the expediency of scalable payment innovations in terms of their competitiveness in relation to traditional solutions has not yet been resolved. Also, there is currently no understanding of the justification of investments aimed at creating a fundamentally new financial service infrastructure.

Industry research shows that in the United States, 62% of businesses prefer to pay for commercial goods and services using traditional methods. This feature of consumer behavior is fixed against the background of numerous statements about the transition to electronic and digital transactions.

The launch of the U.S. Bank Connected partner network took place a week after this lender introduced a program for the provision of banking, payments, and wealth management services by small medical institutions. The press release of the financial institution indicates that banks traditionally focus their offers in the healthcare area on hospitals and large systems in this industry, but more than 50% of practitioners operate in the sphere of small and medium-sized businesses.