U.S. Bank Offers Cos. Cash-Mgmt. on Mobile Devices

A new offering enables business customers on the go to view account balances, transfer funds, approve time-sensitive payments, reset their password, and view check images on their mobile devices.

Minneapolis-based U.S. Bank-which has been experimenting with various new technologies in recent months-has launched a new tool for business customers that provides access to secure banking services via their mobile devices.

Called Mobile SinglePoint, the new offering enables users to access cash-management tools when they're away from their desk or office.

“They can view account balances, transfer funds, approve time-sensitive payments, reset a user's password, make positive pay decisions, and view check images through their mobile device,” Michelle Darsow, vice president and mobile channel manager for the U.S. Bank Global Treasury Management Group, said in a statement.

Communications are securely encrypted, and banking data and credentials aren't stored on customers' mobile devices, according to U.S. Bank.

This summer, U.S. Bank piloted Mobile SinglePoint with a select group of customers-including Omaha, Nebraska-based Tenaska and Seattle-based InSpa Corporation.

“Since I haven't had backup in a while, it was good to be able to use positive pay-and-transfer functions on the road,” InSpa Corporation Controller Kathy Hasegawa said in a statement. “I would imagine many companies with limited staff would like this feature so they can 'leave' the office.”

Several technologies being tested by U.S. Bank have made headlines in recent months. In July, the company said that it was piloting a MasterCard-branded wristband that stores customers' financial information and can be used to make payments. And earlier this year, U.S. Bank embedded “wave-and-pay” technology (the technical term is NFC, or near-field communication) in employees' BlackBerrys and iPhones.

U.S. Bank is the fifth-largest commercial bank in the United States and operates under parent company U.S. Bancorp-which had $321 billion in assets as of June 30. U.S. Bancorp operates 3,086 banking offices in 25 states.