OneSource Virtual (OSV), a leading provider of HR and payments services for the Workday ecosystem, today announced the launch of OneSource Virtual Trust Bank, N.A. (OSVTB), a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency (OCC). The charter, which took effect July 1, 2026, capped a multi-year effort to build a dedicated banking entity for the funds OSV holds and manages on behalf of its customers.
The move comes as regulatory expectations for companies that manage large treasury volumes continue to rise each year. OSV’s own treasury volume now surpasses $250 billion annually. Bringing that fiduciary function under its own federally regulated charter was the natural next step for a company operating at this scale.
As a limited-purpose trust bank independent of OneSource Virtual, Inc., OSVTB has a single function: holding and managing customer funds in a fiduciary capacity. It doesn’t accept deposits, extend loans, or offer accounts to the public.
OSVTB’s board includes Blaine Luetkemeyer, who joins as an independent member. Luetkemeyer brings more than 30 years of banking experience, including as a Missouri state bank examiner. He also served on the U.S. House Financial Services Committee for over 13 years, where he chaired the Subcommittee on Financial Institutions and Consumer Credit. His board seat is specific to OSVTB and separate from OSV’s corporate Board of Directors.
“Our customers trust us with their money — and we’ve never taken that lightly,” said John Bax, CEO of OneSource Virtual. “Establishing OSVTB puts something more concrete behind that trust: direct federal oversight of how we hold and manage their money.”
“This has been a goal of ours for a long time, so it’s exciting to finally see it happen,” said Seanna Drewery, Vice President of Treasury at OneSource Virtual. “It means a lot to know our customers’ funds now sit inside a trust bank built and regulated specifically to protect them.”
OSV expects the final phase of its transition to the new trust structure to be complete by October 1, 2026.
About OneSource Virtual
OneSource Virtual (OSV) has worked exclusively with Workday customers since 2008 to deliver compliant, in-tenant technology and expert services to automate the administrative, transactional tasks of payroll, taxes, earned wage access, accounts payable, and benefits. With over 1,500 customers and $250+ billion in treasury movement annually, OSV helps organizations maximize their Workday investment and operate it with confidence. Payroll, benefits, and finance solutions — all in one place.
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