PowerTrack capability to round out offering of freight payment solution; adds ability to handle larger volumes of paper invoices
Minneapolis and Green Bay, WI — June 26, 2006 — U.S. Bank, the lead bank and subsidiary of U.S. Bancorp, and truckload provider Schneider National Inc. have announced that U.S. Bank will purchase Schneider Payment Services (SPS), a division of Schneider National Inc.
The acquisition is anticipated to close on July 1, 2006, at which time the new business will operate as U.S. Bank Freight Payment Services, rounding out PowerTrack's ability to service freight payment customers by adding a fully-managed solution. PowerTrack has traditionally focused on technology that can be used internally within a company to automate the pre-payment audit process.
The acquisition adds in excess of $7 billion in freight payments to the PowerTrack portfolio. In addition, Schneider Logistics will utilize U.S. Bank Freight Payment Services and PowerTrack as the payment provider for its customers in North America. Terms of the purchase were not disclosed.
"We are excited about adding the experience of 200 freight payment professionals to the PowerTrack team," said Kevin Armstrong, senior vice president and general manager for PowerTrack. "In addition, PowerTrack will add the capability to provide a fully-managed freight payment solution for our customers as well as the ability to handle larger volumes of paper invoices."
Robert Abele, president of U.S. Bank Corporate Payment Systems, added, "This purchase is significant because the purchase supports U.S. Bank's strategy to build fee-based revenue opportunities from our payments businesses and opens a new stream of business opportunity as we offer our full suite of payment and banking services to these customers."