Today, I’m going to provide a brief summary of a Solution Spotlight report that Ardent Partners recently completed on the U.S. Bank EIPP solution (the complete report can be found here). Just to recap from a previous post, the ePayables Solution Spotlight report helps readers better understand a specific category of automation within AP (in this case an end-to-end AP solution) and a specific solution providers offering.
This particular report includes market research on the usage and trends of paper versus electronic payments/invoices as well as a detailed description of the U.S. Bank EIPP offering. This report will be useful to anyone looking to automate part or all of the AP process, especially the payment process and migrating from paper towards electronic forms of payment. Below is a summary of the U.S.Bank EIPP solution and its capabilities.
U.S. Bank is a subsidiary of U.S Bancorp (NYSE Ticker: USB), the fifth largest bank in the US with headquarters in Minneapolis, MN and offices globally. The bank has significant experience and history in the AP automation market having founded its Corporate Payment Systems division in 1986. Also, U.S. Bank launched Syncada, the multi-bank business to business payment network in 2009 as part of a joint venture with Visa. Currently, the bank processes approximately 21 million invoices and supports $21 billion in payments.
The current ePayables offering from U.S. Bank is managed by its Corporate Payment Systems group and includes a robust electronic invoice presentment and payment (EIPP) solution. The U.S. Bank EIPP solution helps organizations automate the “Receive”, “Process” and “Pay” phases of the AP process thereby providing an end-to-end solution. U.S. Bank believes that its primary goals are to help its customers reduce their dependency on paper, better manage their costs, and gain greater visibility and control over their payment activity.
U.S. Bank offers a complete end-to-end AP solution that provides clients with various options to automate the entire AP process or a part of it. The complete U.S. Bank offering blends technology and a host of services and includes comprehensive customer support and dedicated account management services.
Technology Solution – U.S. Bank EIPP
- Cloud-based – Entire solution is cloud-based, requiring no software installation
- eInvoicing – Manages the creation and submission of eInvoices or Purchase Order (PO) flips
- Supplier network – Approximately 12,000 active, connected suppliers in the U.S. Bank network
- Self-service supplier portal – Web-based site that enables suppliers to review invoice and payment status, send communications, and resolve disputes
- Automated routing & approval workflow – Provides configurable role-based and cloud-based workflow tools
- Payment processing & execution – Facilitates a wide range of payment including check, ACH/EFT, wire transfer and “cardless” payment accounts (i.e., single-use accounts) through U.S. Bank
U.S. Bank Services
- Inbound mail-room processing – Receives and opens invoices (and other documents)
- Invoice scanning – Leverages high-speed scanners to create images of invoices
- Data capture – Performs data entry from the scanned image
- Supplier enrollment – Works with or on behalf of the buying organization to efficiently and effectively enroll suppliers onto the system
- Check printing and mailing – Issues check payments to suppliers with U.S. Bank printing services
- Trade Finance – Supports buyers and suppliers with real-time, invoice-level financing
To learn more about the U.S. Bank EIPP solution, download the complete report here.
