U.S. Bank this week unveiled U.S. Bank Payroll, an embedded solution that allows small business owners to manage their payroll as part of their online banking experience.
Key features include auto tax compliance, flex pay and more.
In a survey the bank conducted with 1,000 small business owners across the country, 80% said they need digital solutions to help manage their payroll. Additionally, 81% said they prefer service providers who can bundle the banking, payments, and operations digital tools they need.
Shruti Patel, its chief product officer, for business banking, said.
“As small business owners use more software to run their operations, many are juggling multiple unconnected solutions, which cost them excess time and money. With U.S. Bank Payroll, clients can manage their payroll right within their online banking dashboard, along with their banking and payments. It’s all seamlessly integrated.”
U.S. Bank partnered with Fintech Gusto to build this solution within the U.S. Bank platform. Gusto is a small business platform for payroll, HR, and benefits.
U.S. Bank serves more than 1.4 million small business clients.