US Bank Rolls Out A Spend Management Platform Targeting Businesses
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The US Bank rolled out a spend management platform aimed at businesses and business owners. The platform was designed to help companies monitor, track, and control their card-based spending, which could help them understand their spending better, and save more money moving forward as a result.
The bank said that its new digital platform for businesses will be rolled out across its full portfolio of business banking credit cards. That way, businesses will have access to it regardless of which plan they have chosen to use. It also noted that the move will give users a new and more advanced alternative to relying on a multitude of tools that they had to use to achieve the same effect until now.
What Does The New Platform Offer?
The new platform was designed to help with driving down costs of running a business. But, on top of that, it is expected to have several more beneficial effects, such as reducing manual work, and saving time by using card controls, integrated accounting, and rather intuitive receipt capture.
All of this will be possible through the use of a single, easy-to-use dashboard, rather than a number of separate tools that businesses had to obtain and use together, only to still achieve lesser results than what the platform will provide.
By using it, they can easily monitor their spending and even set specific controls. For example, they can limit employees to buying only fuel at gas stations. On top of that, they will also be able to turn their workers’ cards on and off with a single click and assign cards to specific employees within their departments.
US Bank’s chief product officer for business banking, Shruti Patel, went on to say that a single user-friendly interface will empower business owners to take control of their card spend, and access continuous tracking with real-time visibility into spending patterns and habits.
This will also enable them to monitor cash flow and adjust their budgets accordingly. With them knowing precisely how much money is required for these types of spending, they will be able to use the remaining funds for other things.
