Minneapolis-based U.S. Bank ($283 billion in assets) has added a mobile component to its AccelaPay reloadable prepaid Visa card for business customers. The card, which is targeted at large companies, is meant to replace paper checks used for payroll, commissions, travel advances, insurance claim distributions and other check-heavy functions.
Using Monitise Americas' mobile banking platform, the bank has extended mobile banking to AccelaPay Visa cardholders. That means that these cardholders can check their balance, pay bills, receive alerts and view statements over a BlackBerry, iPhone or any smartphone with a browser. The bank says it plans to introduce the mobile banking service to U.S. Bank ReliaCard Visa state programs this month, and to expand the offering to other prepaid card products in the coming months.