U.S. Bank, a leading provider of fuel card services for Class 1-6 cars and light trucks, is entering the large commercial truck market with the acquisition of TransCard’s Class 7-8 fuel card network, including the product technology and its nationwide acceptance network. The platform was developed by TransCard in partnership with U.S. Xpress, the nation’s second-largest privately owned truckload carrier, which will become the premier client of the new dual-function U.S. Bank Over The Road Card program, scheduled to launch in September.
With one of the largest over-the-road acceptance networks in United States, the U.S. Bank Over The Road Card’s fleet functionality can be used for any company-authorized expense, including fuel, maintenance and tolls at thousands of locations. To provide greater convenience and accessibility for drivers, the card also features a “dual wallet,” combining the charge functionality with a MasterCard prepaid account.
The MasterCard prepaid account allows direct deposit of payroll or other funds onto the card, which can be used wherever Debit MasterCard is accepted. This will make it one of the only OTR solutions that combines MasterCard-branded prepaid functionality for personal purchases with fuel charging capability for corporate purchases — all on the same card.
“This acquisition extends our suite of fuel and maintenance solutions and allows us to serve the full spectrum of fleet clients, from cars to heavy duty trucks,” said Kurt Adams, President of U.S. Bank Corporate Payment Systems. “The U.S. Bank Over The Road Card’s unique, real-time spend controls and fraud prevention allow companies to manage their card programs for maximum efficiency and lowest cost. Our entire team is eager to share this superior payment solution with new and existing customers.”
The U.S. Bank Over The Road Card is the only fuel card in the Class 7-8 market backed by one of the strongest, most stable banks in the United States, an institution that in the past two years has been lauded as “One of the World’s Safest Banks” (Global Finance) and “Most Admired Superregional Bank.” (Fortune).
“I believe U.S. Bank will provide an unparalleled solution for U.S. Xpress as well as the broader trucking industry, combining the strength of one of the nation’s soundest financial institutions with an innovative technology platform,” said Craig Fuller, CEO of TransCard. “TransCard is excited to participate in this offering which will reinforce our position as the leading provider of prepaid services to financial institutions of all sizes.”
Originally posted through PRWire & (BUSINESS WIRE)– MINNEAPOLIS & CHATTANOOGA, Tenn.–Jul. 24, 2012