U.S. Bank has bought a type of corporate credit card network for truckers from prepaid company TransCard.
The acquisition includes TransCard's product technology and a nationwide acceptance network, U.S. Bank, a unit of U.S. Bancorp, said July 24. The network was developed by TransCard, a prepaid provider for financial institutions, with U.S. Xpress, a privately-owned truckload carrier. U.S. Xpress will become a client of U.S. Bank's new Over The Road Card program, which should be launched in September.
Truck drivers can use the cards for authorized work expenses, including fuel, maintenance and tolls. U.S. Bank's new cards will also include a MasterCard prepaid account, which will allow truck drivers to enroll in direct deposit or to use other personal funds on the cards.
"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," Kurt Adams, president of U.S. Bank corporate payment systems, said in a news release.
The Minneapolis bank previously provided fuel card services to smaller vehicles and lighter trucks. This acquisition expands its reach to the large commercial truck market. Terms of the deal were not disclosed.
