The enhanced payments, announced on Wednesday (July 8), are offered through the bank’s mobile app and online banking platform, and are designed to help businesses save time and cut costs.
“Businesses can complete international transfers digitally instead of in branches and move money quickly through convenient options like same-day ACH and instant payments,” U.S. Bank said in a press release provided to PYMNTS.
“With low per-transaction fees, secure access anytime, anywhere, and multiple payment options – including ACH, bank transfers, and… Instant payments – The bundled solution gives business owners more control and visibility over their cash flows.
The statement adds that the launch is part of a larger strategy by the bank to provide enhanced solutions to business owners, allowing them to monitor their accounts, transfer funds, and conduct other activities from a single digital interface.
In addition to enhanced payments, U.S. Bank is debuting features for all online banking users. These updates include transaction limits designed for growing small businesses and tools to help owners choose Money movement The best choice for them.
“By integrating advanced money transfer capabilities directly into online banking, we help customers transfer money quickly and easily,” he said. Shruti Patelchief product officer for commercial banking at U.S. Bank.
“Not only does this solution save time and reduce costs, it also gives business owners the flexibility and clarity they need to confidently manage payments as they grow.”
The launch comes as U.S. small and medium-sized businesses (SMBs) face some of the same responsibilities as their larger counterparts, PYMNTS wrote last week.
“As international sources It becomes routine America’s small businesses, and they are no exception, inherit corporate finance responsibilities ranging from foreign exchange management to supplier liquidity and cross-border cash flow, the report said.
Research from the PYMNTS Intelligence/Mastercard collaboration”The cross-border opportunity: What global sourcing by US SMEs means for payment service providers“It showed that 57% of SMEs now buy goods or production inputs from suppliers abroad.
In addition, nearly three-quarters of companies that generate between $1 million and $10 million in annual revenue sources internationally. Even among companies that earn less than $150,000 annually, more than 40% of them now buy from foreign suppliers.
“This shift is redefining what is modern Small and medium enterprises Finance teams are expected to do so, PYMNTS added.
