U.S. Bank’s Connected Partnership Network: Transforming Banking through Collaboration
by Angela Murphy, Ph.D.
Late September marked a significant milestone for U.S. Bank as they unveiled their Connected Partnership Network, a groundbreaking initiative that is set to reshape the landscape of financial services. The network, aimed at fostering collaboration with third-party service providers, has quickly gained traction since its launch.
According to Bryan Schneider, the Product Head of Fintech Strategy and Partnerships at U.S. Bank, the vision and concept of the Connected Partnership Network have now shifted from ideation to delivery. In a press release, Schneider emphasized the network’s purpose as “a directory where prospects and clients can see what third-party service providers are integrated with U.S. Bank APIs, and making it easier to deliver on embedded banking experiences for clients.”
The Partner Directory serves as a central hub, providing clients with a comprehensive overview of the growing ecosystem of integrated third-party service providers. This transparency is key for clients seeking a seamless and interconnected banking experience.
The initial phase of the Connected Partnership Network began with five partners, including notable names like Kyriba, Trovata, and Modern Treasury. U.S. Bank has now signed ten partners with a large pipeline of partnerships to follow, highlighting their commitment to creating a diverse and dynamic ecosystem.
Schneider emphasized the unique nature of this partnership model, describing clients as “mutual clients” who benefit both as clients of the bank and clients of the service providers. This symbiotic relationship reflects a strategic approach that recognizes the evolving needs of clients in an increasingly interconnected financial landscape.
U.S. Bank is not alone in this endeavor, with Chase’s Payment Partner Network identified as a key competitor. However, Schneider emphasizes that the focus is not on competition but on meeting clients where they are in their digital transformation journey. He stated, “It’s all about meeting our clients where they are and how they want to connect.”
Being one of the top six merchant acquirers in the U.S., U.S. Bank’s position in the market is already formidable. The Connected Partnership Network aligns seamlessly with Elavon’s partnership approach, their WorksWith Elavon directory and their extensive partnerships with third parties including POS and Gateways. Schneider sees this as an extension of their established approach, recognizing the importance of collaboration in an industry where it’s “impossible to be all things to all people.”
In a competitive industry, U.S. Bank is taking a proactive stance. Schneider stressed the importance of not waiting on the sidelines, emphasizing an early adopter advantage. The Connected Partnership Network positions U.S. Bank as a pioneer in the evolving landscape of financial services, demonstrating their commitment to innovation and client-centric solutions.
As U.S. Bank continues to expand its Connected Partnership Network, it will be fascinating to witness how this collaborative approach transforms the banking experience for clients, setting new standards for the industry’s future.
Dr. Angela Murphy aka “Payments Elsa,” has experience in artificial intelligence, financial technology, and the global payments industry, building on her skills as a storyteller and rhetorician. She received her Ph.D. from the University of Kansas and currently resides in Kansas City with her husband, Brock, and German Shepherd rescue, Roscoe.