U.S. Bank expands fintech partnerships to B2B space

October 29, 2018 | GET MORE : Future of Banking

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The bank is keeping pace with new technology and changes in client expectations through strategic partnerships.

In today’s always-on environment, keeping up with changes in technology and client expectations requires banks to be forward thinking, nimble and quick. It also requires partners, and a strategy for combining the strengths of traditional banking with agile and innovative solutions offered by fintechs. 

U.S. Bank constantly looks for opportunities that will help customers stay a step ahead. Many of these opportunities have come in the business-to-business space – such as through a new partnership with Optum360. 

For healthcare providers, managing the cash flow from services delivered can be a challenge. The revenue cycle, from patient pre-registration to payment posting, has many stages as well as manual and paper processes. To address these challenges U.S. Bank partnered with Optum360. We combined Optum’s healthcare-focused technology and analytics with our financial expertise to provide expanded capabilities for healthcare providers to manage their revenue cycle and receivables needs. 

“The partnership with Optum360 represents yet another way that we’re serving clients beyond traditional banking,” said Rich Erario, executive vice president and head of Global Treasury Management for U.S. Bank. 

The relationship with Optum360 is one of many ways that U.S. Bank is working with fintechs to provide solutions across numerous industry sectors. The bank is an owner of The Clearing House, which recently launched the RTP® network, the first new core payment system in the U.S. in more than 40 years. The bank is also one of seven owner banks of Early Warning Services (EWS), where we helped launch Zelle®, which allows individuals and businesses to send and receive money in near real time. 

In addition to these external partnerships, U.S. Bank also has a strong culture of innovation. The bank has an “Innovator in Residence” program and co-creates with clients to help them solve real problems or develop new opportunities.

“We aim to make things simpler for our clients and we recognize the need to infuse new technologies and tools into our products and services,” said Sayantan Chakraborty, senior vice president and Global Treasury Management product head. “We are always working with our internal innovation team to support our clients through valuable fintech partnerships.”

Whether an opportunity is client-specific, or in an industry like healthcare, we support innovation in financial services, and we will continue to pursue fintech partnerships to help us create the future now for our clients.

Written by Dan Endy of U.S. Bank. 

RTP® is a registered service mark of The Clearing House Payments Company L.L.C. 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.