U.S. Bank Unveils Embedded Payments Solution Courtesy of Microsoft Collaboration

  • U.S. Bank launched a new suite of embedded payments solutions within Microsoft Dynamics 365.
  • The collaboration embeds U.S. Bank payment capabilities across Microsoft platforms.
  • U.S. Bank said it plans to embed additional payment capabilities within platforms such as Microsoft Teams and Microsoft Power Platform.

U.S. Bank’s collaboration with Microsoft announced earlier this year has borne fruit: the bank has introduced a new suite of embedded payments solutions within Microsoft Dynamics 365. The integration embeds U.S. Bank payment capabilities across Microsoft platforms. It also makes U.S. Bank among the first financial institutions to take advantage of the opportunity of directly integrating into the popular enterprise resource planning (ERP) and finance solution.

Among the solutions available to businesses using Microsoft Dynamics 365 is the U.S. Bank AP Optimizer. Available directly from their business application, the technology gives treasury management teams the ability to automate invoice processing for both business and consumer payment disbursement within Microsoft Dynamics 365. This will facilitate automated accounts payable workflows, including matching and reconciliation.

“We are committed to meeting clients wherever they are in their digital journey, bringing payments to businesses in a way that’s instant, embedded and connected to the technology they use every day,” U.S. Bank vice chair and head of Payment Services Shailesh Kotwal said. “Our integration with Microsoft – which businesses rely on daily to serve their customers – opens new possibilities for U.S. Bank clients to improve efficiencies and enable faster payments.”

According to U.S. Bank, this week’s news is only the beginning. The bank announced that it has plans to embed additional payment tools within Microsoft platforms such as Microsoft Teams and Microsoft Power Platform.

“Embedded payments can deliver powerful, new ways for businesses to streamline processes, enhance visibility, deliver better experiences, and reduce risk,” Microsoft Corporate Vice President for Worldwide Financial Services Bill Borden said. “We are excited to build on our work with U.S. Bank, delivering integrated, easy-to-use digital payments capabilities to our customers through Microsoft Dynamics 365 with additional embedded solutions to come.”

The two companies have been working together closely since February, when U.S. Bank announced a “substantial investment” in the modernization of its technology by choosing Microsoft Azure at its primary cloud provider for applications. The move will give customers more tools and more options when it comes to accessing banking services and provides U.S. Bank with opportunities to grow via new partnerships and what the bank sees as an “ever-evolving financial services marketplace.”

U.S. Bank’s collaboration news comes just one month after the bank introduced a new cash flow prediction tool for small businesses. The solution gives SME owners a 90-day forecast of cash flow and enables them to factor in external client data along with data from their own U.S. Bank accounts to provide more comprehensive cash flow insights.

U.S. Bank most recently demoed its technology last September at FinovateFall 2021. At the conference, the Minneapolis, Minnesota-based bank demoed its Card-as-a-Service (CaaS) solution. The offering enables fintechs, partners, and clients to digitally extend corporate credit, and to leverage API integration to create a custom virtual payment experience in their own ecosystem. Spending limits, tokenization, and encryption are all features of U.S. Bank’s CaaS solution.

Photo by Karolina Grabowska