US Bancorp is to acquire its expense and travel management partner, TravelBank.
The two companies have been working together over the past year. The transaction is expected to close before the year-end. Financial details have not been not disclosed.
San Francisco-based TravelBank provides an all-in-one, tech-driven expense and travel management solution for employees. It claims to help businesses control and track expenses, automate processes, streamline approvals and reporting, and ensure compliance with company policies.
Shailesh Kotwal, vice-chair of payment services at US Bank, says: “We are focused on giving businesses more confidence, control, and convenience in managing payments and expenses. TravelBank will help us accelerate these efforts.”
The acquisition allows US Bank to accelerate the integration of digital payments within the commercial segment. US Bank’s corporate payment solutions include virtual corporate credit cards and tools to improve working capital.
The bank’s US Bank Instant Card allows employees and contractors to make authorised purchases with a card pushed directly to the user’s mobile phone for immediate use. Last year, US Bank and TravelBank partnered to integrate Instant Card into the TravelBank solution.
US Bank is also helping clients maximise the working capital benefits of their commercial card programme through Real-Time Payments (RTP) to allow companies to fund their card accounts or pay their programmes.
US Bancorp, with nearly 70,000 employees and $567 billion in assets as of 30 September 2021, is the parent company of US Bank National Association.