US Bank 2005 Annual Report Download - page 10

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8U.S. BANCORP
PAYMENT SERVICES:
Merchant processing expands
global footprint
one of our best opportunities for revenue
growth is to leverage our position in payments. Electronic payment
products have become more widely accepted worldwide and represent the
potential to drive significant revenue growth. The acquisition of payments
businesses and portfolios has been a strategic focus of U.S. Bancorp, as they
add capability, increase scale and give our company an advantaged position in
high-value, high-growth businesses.U.S. Bank’s growth in payments acquisitions
led the industry in 2005, far outnumbering those of our peer banks. Among our
major transactions was the acquisition of Citibank Card Acceptance in Europe.
NOVA Information Systems, Inc., a wholly owned subsidiary of U.S. Bancorp,
is a leader in the payment processing industry. Combined, NOVA and its affiliates
euroConex and Elan provide global merchant processing services to more than
800,000 customers in the U.S., Canada and Europe. In 2005, NOVA processed
more than one billion transactions worldwide.
U.S. Bank successfully combines information technology, business management
and customer service in payment services, as well as throughout all of our lines
of business. In November 2005, U.S. Bank won CIO magazine’s 14th Annual
CIO Enterprise Value Award in the banking and brokerage category. U.S. Bank
won for Access Online, an electronic program management tool used by major
corporations and government agencies, and created by U.S. Bank Corporate
Payment Systems.
KEY BUSINESS UNITS:
Corporate Payment Systems
Merchant Payment Services
NOVA Information Systems, Inc.
Card Services: Debit, Credit,
Specialty Cards and Gift Cards
Transactions Services:
ATM Driving and Servicing