US Bank launched a management platform that includes monitoring of expenses and control set up as it seeks to help businesses monitor, track and control their card-based spending through a single dashboard.
Currently available for customers who have a US Bank business credit card, the platform aims to help business owners drive down costs, reduce manual work, and save time using robust card controls, integrated accounting, and intuitive receipt capture.
Among its features are monitoring of expenses and controls set up for pending use of the card, such as limiting employees to purchasing specific items.
The technology can also activate and deactivate employee cards; assign cards to specific employees, sites or departments;, control and adjust requests for spending time limits;, upload receipts to automatically match transactions; and view a review of all company expenses through real-time analysis and customised reports.
The Minneapolis-headquartered firm said the technology, available across its full portfolio of business banking credit cards, aims to give business owners an alternative to using multiple tools.
Courtney Kelso, senior executive vice president at US Bank, explained that how the solution is built directly into the firm’s credit card experience, so customers don’t have to manage their expenses by using additional applications or setups.
“It’s an additive capability on our credit cards that provides our cardholders with the convenience of monitoring, controlling and tracking business spending – while continuing to enjoy the great rewards and benefits already associated with their business credit cards,” she added.
US Bank, which is the parent company of US Bank National Association, currently has around $678 billion in assets under management as of December 31, 2024.
Headquartered in Minneapolis, the firm offers a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management.
The move comes at a time of innovation in the financial services industry for business owners. Earlier this month, Mastercard launched a new programme to accelerate the adoption of embedded virtual card number (VCN) technology in commercial payments.
Mastercard said that banks using its embedded VCN technology can enable platform partners that have signed up to the initiative to offer “consumer-like experiences” in commercial payments.
