Wally Mlynarski has been named chief executive officer of Elavon, U.S. Bancorp’s wholly‑owned payments‑services subsidiary, following an announcement on March 18 2026. Mlynarski brings a decade of merchant‑services experience, having led the merchant services and receivables division at Bank of America and spent seven years at U.S. Bancorp in product‑development roles, most recently as chief product officer for Elavon.
Elavon processes more than $576 billion in transactions worldwide each year and recorded $142.6 billion in merchant‑acquiring volume in the fourth quarter of 2024, a 5 % year‑over‑year increase. The company serves over 1,200 financial‑institution clients across the United States, Europe, and Canada, and was ranked fifth among U.S. merchant acquirers by Mastercard and Visa purchase volume in the 2025 Nilson Report.
U.S. Bancorp’s strategy has shifted from traditional spread lending toward a fee‑driven, digitally‑enabled platform. The Payments Services business, which includes Elavon, contributes roughly 25 % of the bank’s total revenue. In the fourth quarter of 2025, U.S. Bancorp reported record net revenue of $7,365 million, net income of $2,045 million, and diluted earnings per share of $1.26, underscoring the financial strength that supports the payments expansion.
Elavon faces intense competition from fintech and technology‑based payment providers such as Shopify Pay, Klarna, Braintree, Shift4 Payments, Heartland Payment Systems, FIS, and Global Payments. Mlynarski’s deep familiarity with Elavon’s platform and his track record in merchant‑services technology position him to strengthen the subsidiary’s competitive stance and accelerate growth in high‑margin payment solutions.
Jamie Walker, who previously served as chief product officer for Elavon, will transition to lead U.S. Bancorp’s new digital assets and money‑management organization, reflecting a broader reallocation of leadership talent to support the bank’s evolving business model.
The appointment signals U.S. Bancorp’s commitment to expanding Elavon’s footprint, enhancing its product offerings, and driving additional fee revenue that complements the bank’s core banking operations. By placing an experienced payments executive at the helm of Elavon, the bank aims to capitalize on the growing demand for embedded and cross‑border payment solutions while maintaining a disciplined focus on margin expansion and operational efficiency.
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