2021 Impact Award in Product Development awarded to the company by the Aite Group.
As employers across the U.S. sent employees home to work in the spring of 2020, U.S. Bank started to hear from corporate credit card clients who had a challenge. The businesses needed to quickly provide many of their newly remote employees a way to make purchases - like home office equipment - without using their personal credit cards. At the same time, many on-site employees needed to procure PPE and cleaning supplies.
To meet these client payment needs, U.S. Bank accelerated development and in June 2020 launched U.S. Bank Instant Card. The virtual corporate credit card provides a fast, efficient way for employees, contractors and external consultants to make authorized purchases and support business continuity. After the employer sets card restrictions and expiration dates to protect against fraud and misuse, the card is pushed directly to the user's mobile phone for immediate use.
For jumping into action and creating an "innovative, timely solution that met its clients' essential payment needs," U.S. Bank was recently awarded the 2021 Impact Innovation Award in Product Development by the Aite Group, a global research and advisory firm. The annual Impact Innovation Awards celebrate "innovation achieved by financial institutions leveraging technology to surpass the status quo."
In the Impact Brief presented with the award, the Aite Group wrote, "Covid may have acted as the catalyst for change, highlighting the importance of technology modernization for financial institutions. U.S. Bank answered the call."
The Impact Brief added that Instant Card has, "experienced a high level of adoption since its introduction, with creative use cases including distribution of emergency funds to foster care parents, funds for utility field workers, food and shelter for emergency firefighters, travel and other financial support for university students, and travel support" for job candidates.
"We are driven every day to deliver our clients innovative payment solutions, like Instant Card, that help them operate more efficiently while providing them convenience and control," said Bradley Matthews, senior vice president in Corporate Payment and Treasury Solutions at U.S. Bank. "We're honored to receive this award and look forward to continuing to help more clients utilize this solution. The impactful use cases for Instant Card continue to grow."
U.S. Bancorp published this content on 20 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2021 06:23:04 UTC.