U.S. Bank has unveiled the newest version of its Access Online Payment Plus payment instruction file that simplifies business-to-business electronic payment and calls for little-to-no technology investment.
Using a simple CSV (comma separated value) file, the new tool transmits payment instructions from the customer to U.S. Bank.
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The basic payment instruction file requires very few information fields when compared to the standard payment instruction file, which eliminates the need of dedicated resources to program it.
Mike Anderson, chief financial officer for Lakeview Construction of Pleasant Prairie, Wisconsin, one of the first users of the Payment Plus basic payment instruction file, said: "After a couple of hours of work and a few clarifying questions with the U.S. Bank team, the project was done.
"Anyone who has an accounting system with basic reporting tools should be able to create the file pretty easily. Overall, the process was very streamlined and took very little IT time."
Access Online Payment Plus eliminates the need for IT support dramatically, shortening the Payment Plus implementation cycle and thereby allowing organizations to quickly switch from payment by paper check to electronic payments. This reduces costs and enhances cash management.
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By GlobalDataBob Kaufman, payables product manager at U.S. Bank, said: "Now, organizations with limited IT resources can quickly and easily gain the benefits of electronic payment through U.S. Bank Payment Plus.
"The basic payment instruction file complements other Payment Plus payment instruction file formats to offer customers more choices and get them on the road to electronic payment faster."
