The new solution allows companies to embed new payment features into their existing platforms securely. The launch is designed for websites, apps, enterprise systems, and fintech integrations, allowing businesses and institutions to deliver fast and secure experiences to their customers, suppliers, and employees.
The embedded payment solutions include a for-benefit-of (FBO) offering for companies to move money on behalf of their customers. The FBO account structure delivers unlimited virtual accounts, which allows businesses to identify and track funds for each participant. By utilising its range of services, such as merchant processing and treasury management, the bank offers solutions for efficient and secure transactions tailored to the needs of its clients.
The US Bank offers account, payment and risk management technology to verify and onboard customers, providing ongoing payment support. A wide range of payment types is available currently, including instant payments, to accommodate both parties’ preferences and needs.
The US Bank believes that finance leaders are under increasing pressure to improve liquidity, reduce friction, and optimise customer experience. These requirements can be tackled by leveraging the bank’s expanded embedded payments suite, which aims to support organisations to adopt secure, real-time payment capabilities, optimise operations, and strengthen financial control.
This move reflects US Bank’s goal to integrate new payment capabilities into businesses’ software and platforms, offering faster, easier, and more secure transactions. Leveraging Elavon, its wholly owned subsidiary, the bank supports tech-driven merchant acquiring solutions.
Use cases apply for fintechs, insurance carriers, healthcare systems, online auto retailers, title companies, and more. Companies that have already embedded the solution into their workflow include Basefund, a fintech serving municipalities and corporations, and Rain, a platform used by employers to provide employees instant access to their wages.
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