U.S. Bank on Thursday (Jan. 6) announced it is bringing the power of real-time payments to the U.S. Bank consumer bill pay experience after the successful completion of a test using the Request for Payment (RfP) RTP solution.
The bank plans to make the consumer bill pay service available to its millions of consumer bank customers in the first quarter of 2022, according to the company announcement.
“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 of U.S. Bank payment services, in the company announcement.
U.S. Bank worked with The Clearing House to develop and create customer uses for the RTP network. RfPs help consumers know that their payments have cleared instantly, 24 hours a day, 365 days a year. RfPs reduce billers’ costs with fewer paper transactions and give better visibility into when payments will come. The end-to-end process is done in real time.
“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, in the company announcement.
“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,” he said.
In November, U.S. Bancorp — the parent company of U.S. Bank — announced its acquisition of TravelBank, a FinTech offering all-in-one travel and expense management solutions. TravelBank helps businesses track expenses, automate processes, ensure compliance and streamline reporting and approval.
TravelBank’s platform lets companies avoid using paper-based and manual reporting and travel systems by automating those tasks and tailoring them to specific companies’ needs. U.S. Bank says the TravelBank acquisition will accelerate its integration of digital payments in the commercial segment.