U.S. Bank is buying Schneider Payment Services, a division of Schneider National, the Green Bay, Wis.-based trucking and SCM giant. The new business will operate as U.S. Bank Freight Payment Services, rounding out U.S. Bank PowerTrack's ability to service freight payment customers by adding a fully-managed solution. PowerTrack is a patented, electronic, business-to-business payment network from U.S. Bank Corporate Payment Systems.
The acquisition will add more than $7bn in freight payments to the PowerTrack portfolio, making U.S. Bank PowerTrack "the clear leader in freight payments." Schneider Logistics will utilize U.S. Bank Freight Payment Services and PowerTrack as the payment provider for its customers in North America. Terms of the purchase were not disclosed.
"This purchase is significant not only because it makes us the world's leading provider of freight payments, but also because the purchase supports U.S. Bank's strategy to build fee-based revenue opportunities from our payments businesses and opens a new stream of business opportunity as we offer our full suite of payment and banking services to these customers," says Robert Abele, president of U.S. Bank Corporate Payment Systems.
Visit www.schneider.com, www.usbank.com and www.powertrack.com.