U.S. Bank launches small business payroll solution

Minneapolis-based U.S. Bank introduced an embedded solution to help small business owners manage payroll directly within their online banking platform..Developed in partnership with fintech company Gusto, U.S. Bank Payroll allows businesses to oversee payroll, banking, and payments in one place. Features include payroll processing, ACH or check payment flexibility, automated tax compliance and a simplified onboarding process. The system also offers secure access with industry-standard encryption and fraud protection, according to U.S. Bank.The product was launched following a survey of 1,000 small business owners, according to the bank. Eighty percent wanted digital payroll management tools and 81 percent preferred providers who bundle banking, payments and operations software. “With U.S. Bank Payroll, clients can manage payroll right within their online banking dashboard, along with their banking and payments,” said Shruti Patel, chief product officer for business banking. “It’s all seamlessly integrated.”U.S. Bank also announced this week that it is offering Bitcoin custody services, including supporting exchange-traded funds based on the asset, for institutional investment managers with private or registered funds. In 2021, U.S. Bank announced it was offering custody for Bitcoin along with Litecoin, Bitcoin Cash, Ethereum and altcoins. The bank pulled back on the service the following year after the Securities and Exchange Commission under the Biden administration issued high capital requirements making it much harder for banks to work in the space. “Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services,” said Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate Commercial and Institutional Banking.