US Bank to launch consumer Request for Payment in Q1
$559B bank calls the real-time payment solution a ‘milestone’
US Bankcorp announced Thursday that it will offer real-time payments for consumer bill pay in the first quarter.
The $559 billion bank successfully completed a test that included real-time settlement of consumer bill payments using Request for Payment (RfP), US Bank spokesperson Todd Deutsch told Bank Automation News.
“Following this successful test, we will be one of the first financial institutions to bring this capability to the marketplace when we make the service available to our millions of consumer bank customers in Q1 2022,” Deutsch said.
RfPs allow consumers to have bills delivered through the bank’s app, which offers a real-time payment solution. Customers can pay immediately or schedule a payment with instant confirmation that the bill has been paid, the bank said in its announcement.
Offering customers an RfP option is a milestone, Tim Welch, vice chair for U.S. Bank Consumer and Business Banking, said in the 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,” Welch said in the announcement.
The Minneapolis-based bank in November 2021 began offering RfPs for commercial accounts receivable teams, allowing billers to offer customers the option of having bills delivered directly through their bank’s website or app. RfPs are sent through The Clearing House’s real-time payment network, which allows payments to be made around the clock and cleared instantly.
U.S. Bank previously offered RfPs using SinglePoint, its treasury portal; through APIs using the U.S. Bank Developer Portal; and via direct file transmission. It is also a member bank for Zelle, which offers near-real time transfers between bank accounts.
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