U.S. Bank has partnered with Visa to offer Visa Payables Automation, a paperless electronic payment service, in Europe.
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The electronic payment service replaces checks, eliminates processing work and can enhance an organization’s cash flow by extending credit by more than seven weeks.
Visa Payables Automation is an easy-to-use solution that can be implemented with little-to-no IT support. It provides organizations the ability to automate their payables function by using a virtual credit card account process to make payments.
It 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.
Kurt Adams, president of U.S. Bank Corporate Payment Systems, said: "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.
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By GlobalData"Now, an organization’s European operations can enjoy the same benefits and cost savings experienced by their US counterparts, including better visibility into spending and an enhanced rebate opportunity. At the same time, they gain comprehensive, automated data reporting to meet local requirements in regions across the continent."
Initially, U.S. Bank will target its US-based multinational clients with significant operations in Europe. The bank will also offer corporate purchasing cards in Europe.
