Minneapolis December 18, 2002 PowerTrack, an electronic, B2B payment system from U.S. Bank, is now available to businesses for electronic invoicing, payments and other services.
Customers in the logistics industry have used PowerTrack for more than four years, and the company said it can now be used by any business for any kind of payment.
Rick Langer, senior vice president and general manager for PowerTrack, explained that corporations worldwide can use the Internet tool to integrate enterprise systems across geographies, divisions and trading partners, allowing them to make and receive payments faster. "By extending PowerTrack's integrated payment model to support all B2B transactions, we've given chief financial officer the power of having one payment process for their entire enterprise," he explained.
One enterprise-wide process is possible because PowerTrack offers a series of integrated business components, including normalized data exchange, online transaction management, automated G/L validation and assignment, and contract and pricing integration. Therefore, customers that chose to use the contract and pricing tools can ensure that purchases will be made from the right catalog, at the right price and in compliance with all contract and service requirements, according to the company.
In addition, it can do things like pay sellers while allowing buyers the average 30-day payment cushion that they are accustomed to in the traditional invoicing process, allow buyers and sellers to resolve discrepancies before a payment is made, and link payments and receipts to internal general ledger systems.
U.S. Bancorp, with assets in excess of $174 billion, is the eighth largest financial services holding company in the United States. The company operates 2,133 banking offices and 4,680 ATMs, and provides a line of banking, brokerage, insurance, investment, mortgage, trust and payment services products.