U.S. Bank Introduces Virtual Payment for Travel Intermediaries
April 13 2015 - 1:55PM
Business Wire
Agencies, loyalty
companies can speed bookings and increase satisfaction with
real-time payment
U.S. Bank is extending its already broad expertise in virtual
payments to travel intermediaries, facilitating payments from
online travel agencies and loyalty companies to their suppliers.
The Bank has offered virtual payment for corporate travel in North
America and Europe since 2013 and now brings the power of virtual
pay to organizations serving the travel market.
Travel agencies and loyalty services providers have implemented
U.S. Bank’s virtual payment solution with great success. The Bank
processes their customers’ payments and redemptions and then sends
the payments to travel suppliers, including airlines, hotels and
resorts. The service, which leverages virtual, single-use accounts,
is seamless and takes only seconds, ensuring a positive customer
and supplier experience.
“Our largely Canadian customer base presents unique challenges,”
says Paul Hawa, vice president of Operations for Red Label
Vacations, Inc., the company behind online travel site RedTag.ca.
“With U.S. Bank’s virtual payment solution, we’re able to meet
settlement requirements and our customers’ needs simply and
quickly.”
“Automatic reconciliation is critical to our partnership with
travel intermediaries,” adds Jeff Rankin, U.S. Bank global
executive for Large Market and Public Sector Bankcard. “Our
single-use account solution provides an alternative to central
travel accounts, creating a 1:1 relationship between the booking
data and the transaction data and reducing overhead. We are pleased
to bring these capabilities to our clients and see their businesses
grow as they serve their global customers in new and better
ways.”
U.S. Bank is the second-largest bankcard issuer of corporate
cards in the U.S. and a leader in the global travel payments
industry. Its comprehensive program spans borders and technologies,
offering European corporate cards, EMV® chip cards and FlexPerks®
Corporate Rewards. The Bank introduced Travel VirtualPay in 2013,
bringing virtual payment options to North American and European
customers.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $403 billion in assets as of
December 31, 2014, is the parent company of U.S. Bank National
Association, the fifth-largest commercial bank in the United
States. The company operates 3,176 banking offices in 25 states and
5,022 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
U.S. Bank Corporate CommunicationsBill Brady,
612-303-0731bill.brady@usbank.com
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