Updation, U.S. Bank partner to modernize dealership payments
Updation is incorporating U.S. Bank Embedded Payment Solutions into its AI-driven dealership operations system, enhancing the management of invoices, vendors, and payments through a more integrated experience.
This partnership enables automotive, truck, RV, and powersports dealerships to minimize manual tasks, enhance financial transparency, and simplify fund transfers.
Modern payment tools, including real-time options, are accessible via a bank-managed infrastructure, offering stronger controls and increased clarity.
Updation supports automotive, truck, RV, and powersports dealerships by automating invoice handling, enhancing visibility into expenditures, and reducing administrative burdens.
Under this collaboration, Updation will utilize U.S. Bank Embedded Payment Solutions, notably a for-benefit-of (FBO) account framework. This framework securely holds and moves funds through a bank-managed system, providing dealerships with enhanced controls and lessening Updation’s direct involvement in customer funds. The unified platform enables dealerships to more effectively oversee invoices, vendor relationships, and payments, leveraging bank-led infrastructure and clearer insights into fund movements.
Dealerships frequently depend on certified checks for large payments, a practice that is slow and generates paper trails of sensitive financial data. Embedding payment processing into daily operations software grants immediate cash flow visibility and allows payments to be scheduled quickly, eliminating delays from mail or in-person visits. This transition shifts the industry from physical payment methods to digital workflows that mirror modern business practices.
“We built Updation to help dealerships gain better control over their financial operations and spend less time on manual processes,” said Layton Judd, chief executive officer of Updation. “Working with U.S. Bank allows us to bring AI-powered accounting intelligence, workflow and payments together in one platform, backed by trusted banking and payment infrastructure. Together, we’re giving dealerships better visibility into their financial operations while making the movement of money faster, easier and more secure.”
“Dealerships are looking for ways to reduce manual processes and improve visibility into their finances,” said Joe Voica, head of embedded payments at U.S. Bank. “Through this integration, Updation clients will be able to move beyond certified checks and access modern payment options, including real-time payments, through a secure bank-led infrastructure. That creates a faster, more efficient payment experience for dealerships while giving Updation a meaningful competitive advantage in the marketplace.”
