This article provides information regarding the request for TravelBank customers who use our expense reimbursements feature to work with our bank stakeholders to provide documentation regarding their company.

This article is directed toward all TravelBank expense customers using our reimbursements feature.

TravelBank is requesting users of the expense reimbursements feature to verify some company details under a program called Know Your Customer (KYC). This verification is required as we work to further deepen our connection with U.S. Bank and facilitate reimbursements.

This update affects TravelBank expense customers who are using the TravelBank reimbursements feature.

Shortly after you receive an initial notification from TravelBank, U.S. Bank will reach out to you through email and will outline the next steps. The email will include an attachment detailing the information we need from you, including your organization’s legal entity name, tax ID number, phone number, and company structure. The email will also prompt you to access a secure portal where you need to enter the requested information for your organization.

Affected users must complete the due diligence process by the deadline listed on the previously mentioned email from U.S. Bank.

In 2021, TravelBank joined the U.S. Bank family, and we are held to the highest regulatory standards expected of a top-five financial institution. In line with our ongoing security and compliance enhancements, we have identified an opportunity to restructure and improve the backend of our reimbursement workflow. We are requesting users of the expense reimbursements feature to verify some company details under a program called Know Your Customer. This verification is required as we work to further deepen our connection with U.S. Bank and facilitate reimbursements.

Shortly after you receive an initial notification from TravelBank, U.S. Bank will reach out to you through email and will outline the next steps. The email will include an attachment detailing the information we need from you, including your organization’s legal entity name, tax ID number, phone number, and company structure. The email will also prompt you to access a secure portal where you need to enter the requested information for your organization.

The automated email about this process will come from usbank@notifications.usbank.com and contain the subject line: “Thank you for your interest in the TravelBank program.”

Yes. The deadline will be specified in the email from U.S. Bank outlining more details on this process.

If the verification process is not completed with U.S. Bank, we will temporarily disable reimbursements on your account. However, we are committed to ensuring a smooth process for you and will provide support when we can.

Unfortunately, TravelBank will not be able to process reimbursements without completing the Know Your Customer documentation. This will ensure we are compliant and following the right processes as outlined by U.S. Bank.

We continue to refine TravelBank's processes to ensure our features are in line with best-practice regulatory and security requirements. As part of our enhanced security processes, we will be using a U.S. Bank owned for-benefit-of (FBO) account. The FBO account separates your funds from TravelBank’s funds, and each customer that elects to use our expense reimbursement will have their own virtual account containing their own funds. This separation provides you with additional legal protections while still allowing TravelBank to facilitate reimbursement payments to your employees. You do not need to take any further action beyond completing the steps outlined in the forthcoming email from U.S. Bank; the virtual account is strictly for the processing of reimbursements and will not be used for any other purpose.
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Once you have completed the required Know Your Customer documentation with your program manager at U.S. Bank, the virtual account will be created to channel all reimbursement related money through it. Please note, this account is solely for internal processing at our end. At this time, there will be no changes to your workflow. However, in the coming months, reimbursement times may take longer to ensure security and compliance regulations are met per U.S. Bank’s practices. As we get closer, we will provide admins with more details with advance notice and will work to inform your employees of any changes.