U.S. Bank Introduces Faster Wire Payments Powered by HP and Partners
Palo Alto, Calif., Aug 8, 2006, HP today announced that U.S. Bank, a subsidiary of U.S. Bancorp (NYSE: USB), has enhanced its treasury management offerings by introducing a global wire transfer system based on HP technology.
HP and its partners worked closely with U.S. Bank to develop new business services for the system, which enhances international wire capabilities, improves operational efficiency and increases productivity.
The global wire transfer system is based on the HP NonStop Payments solution, a combination of hardware, software and services that helps payment and other IT systems to adapt quickly, easily and economically to rapidly changing business needs.
“U.S. Bank now offers customers improved functionalities that were not possible with our old system,” said Caroline Fortmeyer, senior vice president, Corporate Services, U.S. Bank. “Working with HP, the transition was smooth and we have a newly streamlined, high-speed processing environment for our customers’ domestic and international wires.”
Delivered by HP Services, U.S. Bank’s system is powered by the reliability, scalability and sub-second response time of HP NonStop servers – the core of HP NonStop Payments – to offer a faster and more efficient wire transfer process. The solution, developed with HP partners Software Integrators and Lighthouse Systems, Inc., also handles applications such as Federal Reserve Book-Entry, compliance, advising, corporate customer payment entry and reporting.
“U.S. Bank is an excellent example of a financial institution that is at the forefront of payments technology, aligning business with IT to capitalize on changes in its industry,” said Chip Greenlee, director of marketing and solutions, Financial Services Industry – Americas, HP. “U.S. Bank is poised to offer one of the highest levels of service-oriented architecture security available and it is on the path to reduce overall delivery costs.”
More information about HP solutions for the financial services industry is available at www.hp.com/go/fsi.
About U.S. Bancorp
U.S. Bancorp, with assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended April 30, 2006, HP revenue totaled $88.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the achievement of expected results and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2006, and other reports filed after HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2005. HP assumes no obligation and does not intend to update these forward-looking statements.
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