U.S. Bank Adds Geolocation Feature to Select Credit Card Products
October 04 2016 - 9:00AM
Business Wire
New opt-in technology helps reduce card
declines, adds more security for Visa cardmembers
When you’re on vacation, the last thing you want to worry about
is having your credit card declined because your purchases are not
in-sync with your normal buying patterns.
U.S. Bank is one of the first banks to offer consumers the
Visa-developed Geolocation Service, a new, opt-in technology
integrated into U.S. Bank’s mobile apps that enable the location of
a card transaction to be matched to the location of the user’s
phone. By matching the location, U.S. Bank can help ensure that
transactions on customers’ cards are approved, minimize disruption
and further reduce the risk of fraud. The program will initially be
available to our co-brand and financial institution partners.
Clifford Cook, senior vice president and head of product and
marketing for the Retail Payment Solutions division at U.S. Bank,
said, “We’ve all experienced that embarrassing moment when your
credit card is declined at dinner while on vacation because the
bank thinks you should be at home in Minneapolis, but you’re eating
dinner in Seattle. When your phone is on and you’ve opted-in for
geolocation, U.S. Bank can validate that the expense is legitimate
and avoid customer frustration.”
Customers with U.S. Bank FlexPerks® Visa® credit cards, may
opt-in to the new geolocation feature via the FlexPerks mobile app.
Cardholders who participate in one of our co-brand credit card
programs may utilize the corresponding credit card management
mobile app to opt-in as well. The service is also available through
our Elan partner financial institutions via the Elan mobile app and
will be made available for the U.S. Bank mobile app in the
future.
“Visa’s geolocation technology helps financial institutions
deliver a more convenient and more secure payment experience
wherever consumers might travel,” said Mark Nelsen, senior vice
president of Risk and Authentication Products Visa, Inc. “Whether
domestic or international, U.S. Bank can more confidently and
accurately approve safe transactions when the location of the
consumer’s mobile device matches the location of a
transaction.”
Dominic Venturo, executive vice president and chief innovation
officer at U.S. Bank, said, “Geolocation is an example of the focus
U.S. Bank has on enhancing the customer experience for our
customers. Our innovation team looks for all possible ways to use
the latest technology wisely, balancing security and convenience so
that our customers have more control over their information and
feel confident that their information is secure."
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in
assets as of June 30, 2016, is the parent company of U.S. Bank
National Association, the fifth largest commercial bank in the
United States. The Company operates 3,122 banking offices in 25
states and 4,923 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
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William Mills AgencyDebbie Harris,
678-781-7220deborah@williammills.com
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