U.S. Bank Renews Fiserv Deal To Enhance Real-Time Payments

U.S. Bank has signed on to another five years of commitment with Fiserv to use its electronic billing and payment solutions to help its customers have a more integrated, real-time payment experience for their bill payments and account-to-account transfers.

This commitment marks a partnership that spans nearly 15 years between the two financial companies to help bring Fiserv’s CheckFree RXP bill payment, Popmoney personal payment and TransferNow account-to-account transfer solutions into its customer offerings. This will enable the companies to work together to bring customers an integrated, real-time payment experience.

“The Fiserv digital payment suite enables convenient and secure money movement for our customers through the online, mobile and tablet channels,” said Niti Badarinath, SVP and Head of Omnichannel Experience for U.S. Bank. “Whether people are paying bills, sending money to others or transferring funds between their own accounts, we want to provide a seamless experience that allows customers to focus on moving their money from point A to point B, without having to think about how that happens. We look forward to working with Fiserv to deliver an increasingly smart payment experience.”

Outside of the convenience and security it brings U.S. Bank customers through the multiple channels, from Fiserv’s perspective, there’s also plenty it can offer those customers when it comes to the digital banking experience.

“Robust payment capabilities enhance the value of a financial institution relationship because these capabilities empower consumers to handle the financial tasks that permeate their lives,” said Kevin Schultz, President of Digital Banking for Fiserv. “When it comes to digital banking and payments, people expect ease, convenience and speed. With its renewal of these strategic services U.S. Bank is reinforcing its commitment to delivering the very latest in payments to their customers.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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