US Bank 2006 Annual Report Download - page 12

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10 U.S. BANCORP
payment services
this growing business is a strong driver
of non-interest income and plays a
crucial part in our plans for the future.
our expertise, strategic expansion and
superlative processing capabilities are
commanding competitive advantages.
KEY BUSINESS UNITS
Corporate Payment Systems
Merchant Payment Services
NOVA Information Systems, Inc.
Retail Payment Solutions: Debit, Credit,
Specialty Cards and Gift Cards
Transactions Services:
ATM and Debit Processing and Services
Our Payment Services line of business is a primary contributor to our growing
percentage of fee-based income and contributes nearly a quarter of our total
revenue. In a challenging rate environment such as we have seen in 2006, our
fee-based revenue is a bold illustration of the benefits of a diversified business
mix. U.S. Bancorp has the skill, scale and infrastructure to make the most of
its payment and processing services.
We have invested heavily in the technology to support our delivery systems and
our expansion of Payment Services. Payment Services is supported through a rich
portfolio of products and processing solutions; retail payment solutions for debit,
credit and gift cards; ATM processing and servicing; and specialized programs for
financial institutions, the U.S. government, and hospitality and healthcare providers.
Payment Services is a business based on economies of scale, and we have been
an active acquirer in this area, making 30 strategic payments business acquisitions
since the year 2000. Each has been a purposeful expansion of distribution or
product enhancement, and each added to scale and efficiency,solidifying our
leadership position in the industry. NOVA Information Systems, Inc., a subsidiary
of U.S. Bancorp, is the nation’s third-largest payments processor.U.S. Bank is the
processor for over 10 percent of all ATMs in the United States.