Yahoo Finance U.S. Bancorp's (USB) Arm Launches New Cloud Payments Interface
U.S. Bancorp’s USB wholly-owned subsidiary, Elavon, recently launched the Elavon Cloud Payments Interface. This is an innovative Application Programming Interface (API), which is intended to simplify managing digital and in-person payment experiences for hotels and other entities related to hospitality.
The new Payments Interface integrates payments seamlessly and securely for its guests and business clients. The cloud-based system allows guests to pay anywhere and anytime while ensuring that payment data is protected.
This cloud-based system enables third-party payment providers and grows payments for hospitality firms in the United States, Canada and the Caribbean, all while remaining Payment Card Industry compliant.
Elavon Cloud Payments Interface offers several benefits to business owners and franchisees. It covers the complete journey of the guests, right from payment of booking reservations to checking out. Transactions and updates are reflected in real-time across Property Management Systems and Point of Sale devices. The system fully supports contactless and mobile payments.
Additionally, the RESTful API allows smooth integration of cloud-based software tools for accepting payments and ensuring compatibility between different tools. Also, it supports integration with third-party payment providers and uses cloud functionality to expand to new locations and devices without major investments or infrastructure adjustments.
Additionally, Elavon Cloud Payments Interface offers enhanced security by providing a powerful array of fraud prevention capabilities from the outset of installation.
Pari Sawant, global chief product officer at Elavon, said, “Elavon Cloud Payments Interface helps continue digital transformation across the hospitality industry by enhancing guest experiences, streamlining operations, and providing real-time safe and secure data synchronization. This lets us focus on the payment and allows our merchants to focus on delivering exceptional service.”
Shares of USB have lost 9.9% in the past six months against the industry’s growth of 12.5%.
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At present, USB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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In the same month, Fifth Third Bancorp FITB, in collaboration with Bottomline, launched Enhanced Payables, a new payment platform powered by the latter’s business payments network, Paymode-X. Enhanced Payables integrates Bottomline’s industry-leading business payments technology and FITB's wide-ranging banking services to offer customers a diverse range of payment modes.
With this new service, customers can streamline their payment processes, efficiently manage their cash flow and finally boost overall efficiency. According to Bottomline's data, more than half of the businesses that use the network have successfully reduced their processing costs by 50%. Additionally, eight out of 10 businesses have already increased their earned rebates on accounts payable by 50%.
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