US Bank Adds Request for Payment To Its Digital Solution for AR Teams

U.S. Bank has added request for payment (RfP) capabilities to its U.S. Bank eBill Service, a digital solution for accounts receivable (AR) teams, the company announced on Monday (Nov. 8). With the new offering, U.S. Bank commercial clients will now have access to a fully integrated bill delivery and payment platform.

Billers enjoy many benefits from RfPs, including immediate settlement, reduced costs due to fewer paper payments and improved visibility into when payments will be made, U.S. Bank said.

“Digital payment technology is constantly evolving, and so are we,” Rich Erario, executive vice president and head of global treasury management at U.S. Bank, said in a press release. “Adding RfP capabilities to our eBill Service is just one of the ways we are helping our clients streamline operations, reduce costs, and offer simple and secure real-time payment options.”

Engaging Customers With Request for Payment Messages

The addition of RfP capability to eBill Service adds to the numerous ways U.S. Bank clients can send RfP messages to engage their customers through their preferred digital banking channel, reducing customer friction and increasing speed and certainty of payment, the company reported.

Read more: US Bank on How Leveraging Request for Payment Alleviates Friction, Offers Visibility Into the Billing Process

In a September interview with PYMNTS, Erario said the already rapid pace of consumers and corporations seeking more efficient, digital ways to send and receive payments had hastened over the previous 18 months.

“For businesses, the pandemic forced them to place an even greater focus on providing a better experience for their customers,” he said. “Companies understand that adopting easy-to-use digital solutions to remove pain points in the billing process can greatly improve customer satisfaction. For consumers, the desire for a simple, convenient way to pay their bills was heightened with the uncertainty caused by the pandemic.”

RfP enables bill management and payment from a consumer’s bank account, Erario said, and promises to help businesses provide a better experience for customers managing their bills.