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Banks can do business payment innovation too: A look at U.S. Bank’s Instant Card

07/23/2020 By

Millions of employees across the globe have adjusted to working remotely.

Amid the coronavirus disruption, some regions are beginning to see storefronts, businesses and factories slowly re-open. Whether employees are working remotely or starting to go back into the office, they need a way to make business purchases for things like home office supplies, PPE and cleaning essentials without having to use their personal credit cards.

In response, U.S. Bank fast-tracked the development of the U.S. Bank Instant Card, a fast, efficient and simple way for employees, contractors or consultants to make business purchases without complex expense reports or the need to be reimbursed.

This new solution allows a manager to instantly push a virtual corporate card to a mobile wallet for immediate use to make approved purchases, and they have the option to do it contactless. In essence, they created a replacement for petty cash with a quick and easy way to distribute a virtual card.

When it comes to innovation, banks are both not known for it, and certainly not in a speedy implementation fashion. But times are a changing, and the COVID-19 pandemic led U.S. Bank’s commercial payments group to figure out how they can help their 300,000 emerging middle-market customers develop a way to get petty cash in the hands of employees, contractors and other third parties quickly.

In this Spend Matters PRO article, we’ll take a look at the Instant Card and its capabilities.

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