https://ift.tt/3F95rEA
With the proliferation of immediate payments, one area resistant to change has been bill pay. But U.S. Bank is leading the industry, bringing the power of Real-Time Payments to the U.S. Bank consumer bill pay experience for the first time.
U.S. Bank successfully completed a test of consumer bill payments using Request for Payment (RfP), an RTP® solution that is transforming how billers send and customers pay their bills. U.S. Bank will be one of the first financial institutions to bring this capability to the marketplace when it makes the service available to its millions of consumer bank customers in the first quarter of 2022.
U.S. Bank, a tech-led financial institution and payments powerhouse, has worked closely with The Clearing House to develop and create valuable customer uses for the RTP network. RfPs provide consumers certainty that the payment has cleared, instantly, 24 hours a day, 365 days a year. For billers, RfPs reduce costs with fewer paper transaction and provide better visibility into when they will receive a payment.
The end-to-end process is done in real time, assuring both sender and receiver that the bill is paid instantly, simply and with all of the correct information contained in the payment.
“Request for Payment offers a new bill payment model that is better for billers and their customers, reducing the friction associated with existing bill presentment and payment solutions today,” said Shailesh Kotwal, vice chair, U.S. Bank Payment Services.
Here’s how it works:
- Biller initiates Request for Payment and sends electronic invoice to customer’s bank;
- Customer receives an alert through bank app with biller name, amount to pay and due date;
- Customer responds to pay instantly or schedule payment;
- Biller receives payment on time, with irrevocable funds and
- Customer sees instant confirmation that the bill has been paid.
“This milestone demonstrates U.S. Bank’s commitment to innovation, providing customers the very best tools to manage their money in a seamless and intuitive manner,” said Tim Welsh, vice chair for U.S. Bank Consumer and Business Banking. “While the first application of RfP for consumers is an innovative bill pay experience, RfPs have the power to enhance online account opening, account to account transfers, small business e-invoicing and simplified payables.”
U.S. Bank that it has enabled RfP option for businesses through, a leading digital solution for accounts receivables teams. Many businesses are waiting for consumers to be able to receive those bill payment requests as they look to incorporate the RfP option in their accounts receivable processes and platforms.
Financial Services
