U.S. Bank is partnering with VISA to start a global online bill payment network, headquartered in Minneapolis.
U.S. Bank has been operating a payment processing network in Minneapolis called PowerTrack for 12 years; it automates businesses' payments to other companies in their supply chain and has been one of U.S. Bank's fastest growing divisions.
Now, the bank is selling half that business to VISA and rebranding the new company Syncada. Richard Langer, the chief operating officer, says Syncada will increase U.S. Bank's global reach and revenues.
"What it does is allow them to support those global companies in these other geographies where they don't have a banking license, because we're able to bring in other sponsored banks to help enable that or facilitate that," Langer said.
Syncada will remain headquartered in Minneapolis with 150 employees. Langer said it will likely add 20 to 25 mid to senior-level engineering and technology jobs by year's end.