Bank and Chrome
River today introduced the U.S.
Bank Expense Wizard – a new payment product combining both
virtual payments and expense reporting in a mobile app powered by
chatbots and Artificial Intelligence (AI) – at the Finovate
Spring Show in San Francisco.
This press release features multimedia. View the full release here:
Expense Wizard expense management app (Photo: Business Wire).
Expense Wizard is a travel expense management tool with a one-of-a-kind
mobile app and a virtual assistant that makes it easy for employees to
arrange travel within company policies, pay with a virtual card in a
mobile wallet and capture and file receipts for expense reports as they
go through their trip. It also is the first to offer a virtual card into
an infrequent traveler’s mobile wallet. (Click here
to watch a video explaining how Expense Wizard works.)
Infrequent travelers, such as job candidates and contractors, have
traditionally been relegated to paying their own expenses, filling out
cumbersome forms and waiting for administrative processes and approvals
to be completed prior to reimbursement. Expense Wizard solves this by
providing an AI-based chatbot that enables payments and fully integrates
into Chrome River’s expense reporting solution, eliminating a
time-consuming process for the traveler and the business.
Expense Wizard also delivers significant cost-control and risk-reduction
benefits for companies, while streamlining the travel experience for the
traveler. Visa estimates, based on publicly available data, that nearly
50 million individuals are infrequent business travelers with no
corporate card, and they transact nearly $150 billion a year.
“While talking with customers, we found consistent frustration around
managing expenses for both non-employees and employees who travel
without a corporate card. They needed to eliminate manual processes,
make payments easy and control expenses,” said Bradley Matthews, senior
vice president for U.S. Bank Corporate Payment Systems. “We worked
closely with our innovation team and Chrome River to develop something
completely revolutionary that brings mobile wallet technology and AI to
the process, creating efficiency in a system that has been largely
unchanged for years.”
“One of Chrome River’s major ongoing initiatives is the zero-touch
expense report, which combines innovation in advanced image processing,
AI and bot technology to automate the expense submission process.
Working with highly innovative partners such as U.S. Bank helps us
achieve our zero-touch goal for expense reporting,” said Alan Rich, CEO
and co-founder at Chrome River. “U.S. Bank and Chrome River share the
same commitment to innovation, and to making the business travel payment
and expense process streamlined and risk free. The launch of Expense
Wizard also helps a category that has traditionally been underserved –
infrequent travelers – and provides them with a secure and
easy-to-manage solution for the entire process.”
Bank Expense Wizard will be available soon for Chrome River and U.S.
Bank customers and will continue to expand in availability with
additional enhancements later in 2019.
About U.S. Bank
U.S. Bancorp, with 74,000 employees and $476
billion in assets as of March 31, 2019, is the parent company of U.S.
Bank, the fifth-largest commercial bank in the United States. The
Minneapolis-based bank blends its relationship teams, branches and ATM
network with mobile and online tools that allow customers to bank how,
when and where they prefer. U.S. Bank is committed to serving its
millions of retail, business, wealth management, payment, commercial and
corporate, and investment services customers across the country and
around the world as a trusted financial partner, a commitment recognized
by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at www.usbank.com
or follow on social media to stay up to date with company news.
About Chrome River
Chrome River provides
expense and invoice automation solutions that let business flow for more
than 1,000 organizations worldwide. The company’s easy-to-use,
enterprise-scale solutions enable future readiness for its customers.
Because of this focus on innovation, Chrome River is rated
as a Leader in expense management by analyst firm IDC. Chrome
River’s commitment to delivering a superior customer journey by creating
long-term value for its customers, makes it a preferred choice of CFOs,
CIOs, AP teams, travel managers and business travelers. Details on
Chrome River’s customers can be found on the company’s web
site. More than two million business travelers around the world
trust Chrome River. To learn more, contact Chrome River at 888-781-0088,
or visit chromeriver.com
and its social pages on LinkedIn,