US Bank has driven an improvement in its integrated payment platform, known as Embedded Payment Solutions. This system allows companies of all kinds to incorporate payment functions directly into their own applications or platforms.
The entity's goal with this new feature is to streamline, secure, and simplify transactions. This way, it aims to guarantee an optimal experience at all times for customers, employees, and suppliers.
New integrated payments offered by US Bank
With this new suite, US Bank offers a comprehensive solution for websites, apps, and business systems. It allows users to make real-time payments and send funds securely without leaving the user's platform. This way, it improves the experience and turns the process into an automated one without sacrificing security.
One of the key elements is the "for-benefit-of" (FBO) account, which allows users to create unlimited virtual accounts within a main account. This way, companies can manage and track each client's funds individually, with full control.
US Bank operates this solution through Elavon, its subsidiary specializing in merchant payments. Elavon provides technologies for payment processing, business management, and cybersecurity, thus expanding the integrated functionality. If you are responsible for payments or finance, this suite helps you reduce costs, improve processes, and offer seamless service to your users, all backed by an institution like US Bank.
Benefits of US Bank's integrated solution
According to Kristy Carstensen, head of treasury and payments at US Bank, financial executives seek to reduce friction, improve liquidity, and offer a streamlined experience. The new platform addresses these needs, offering control and speed in a single system.
The integrated payment system is backed by US Bank's expertise in risk management, security, and regulatory compliance. Companies that integrate with this platform can guarantee secure and reliable transactions.
In addition, US Bank's solution benefits various sectors: fintechs, e-commerce, healthcare, automotive, insurance, and more. For example, fintech Basefund uses it to manage complex payments among multiple parties, while Rain helps employees access their wages immediately.