US Bank's Analytics Tool Strengthens Corporate Card Programme
In its first month in the marketplace, US Bank’s new payment analytics tool is earning praise for its effectiveness in helping clients improve compliance and better manage their card programmes. US Bank Payment Analytics gives card managers better control to enhance efficiency and boost cost-savings in their card programmes. Among many other features, the tool can electronically detect and mitigate questionable card spending, whether resulting from a lack of knowledge of corporate policy, such as purchasing from an unauthorised merchant, or from intentional misuse, such as splitting a purchase to avoid transaction limits.
Early adopters report noticeable improvements in their spending controls. “We are addressing possible misuse and abuse within five business days from when the transaction takes place, before a habit can be established,” said Becky Fell, accounts payable (A/P) manager of TMI Hospitality, a builder and operator of select- and extended-service hotels based in Fargo, North Dakota. “We used to review every receipt 45 to 60 days after payment. With Payment Analytics we only review those that have broken an established rule. It is a huge time saver.”