U.S. Bank has introduced an accounts payable platform designed to help small businesses manage cash flow and streamline payments.
The tool, branded U.S. Bank Bill Pay for Business, consolidates bill payment and record-keeping within the bank’s existing business banking dashboard.
It allows users to set up recurring payments, make partial or multiple payments, and automate approval workflows. The system also integrates with select accounting software, providing real-time visibility of available funds and payment status.
Features include mobile and desktop access, payment notifications, and multistep fraud detection.
The bank said the aim is to reduce reliance on multiple digital tools while addressing two of the most persistent challenges reported by small businesses: cash flow management and bill payments.
The launch comes as research shows nearly three-quarters of small business owners continue to see cash flow management and invoice payment as ongoing pain points.
Shruti Patel, chief product officer for business banking at U.S. Bank, said: “Business owners can simplify and automate their accounts payable workflow, integrated with their checking account, so they can manage their finances with confidence and reduced anxiety — making it easier to run their business.”
The bank has also resumed offering cryptocurrency custody services, expanding its digital asset capabilities as an early access program for Global Fund Services clients.
The service, which was first announced in 2021, provides secure safekeeping of bitcoin for institutional investment managers overseeing registered or private funds.
To support the service, U.S. Bank has partnered with NYDIG, a bitcoin-focused financial services and infrastructure provider, which will act as the sub-custodian.
Stephen Philipson, vice chair of U.S. Bank wealth, corporate, commercial, and institutional banking, said: “Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”
