U.S. Bank Delivers Another Real-Time Payment Solution to Auto Dealers
August 09 2022 - 9:00AM
Business Wire
Dealerships can now receive funds from sale
instantly, seven days a week
With another innovative RTP® Network solution, U.S. Bank can now
provide loan funds to auto dealers instantly after the loan
contract is finalized by the bank. Following a successful pilot
completed in June, U.S. Bank has already enabled more than 800 auto
dealers to receive funds from auto loans via a real-time payment.
The bank expects to deliver the solution to more dealers in the
coming months as the bank continues to improve operational
efficiencies for auto dealers.
While the traditional ACH payment method for funding auto loans
can take several days – especially when sales are made outside of
banking hours – real-time payments to dealers are fast, secure and
available seven days a week, including holidays.
Auto dealers using real-time payments gain a competitive
advantage, with greater control over cash flow and improved
Contract-in-Transit metrics, a key performance indicator for auto
dealers and their employees. The solution is also available to
recreational vehicle dealers.
“U.S. Bank is focused on delivering innovative real-time payment
solutions to resolve what our customers tell us are their payments
pain points,” said John Hyatt, president of dealer services at U.S.
Bank. “We’re simplifying loan payment processes to help our dealer
clients better control their cash flow, which gives them a
competitive edge and peace of mind. Dealer interest in this
solution over the last few weeks has grown rapidly, with many
particularly excited about finalizing their deals within moments
after a consumer is approved for a loan, especially during the
evenings and even on Saturdays and Sundays.”
Earlier this year, U.S. Bank announced that it worked with
Lithia & Driveway to help Driveway.com become the first online
car dealership to pay customers over the RTP® network.
With The Clearing House’s RTP® Network, the first new payment
rail in the U.S. in more than 40 years, U.S. Bank helps businesses
send and receive payments instantly 24 hours a day, 365 days a
year. U.S. Bank, which participated in the first ever payment on
the RTP Network, is one of the top senders of RTP transactions in
the U.S. The bank is continually developing new ways for companies
to utilize real-time payments, such as a new solution to provide
greater speed and security to money movement between individual
investors and broker dealers.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $591
billion in assets as of June 30, 2022, is the parent company of
U.S. Bank National Association. The Minneapolis-based company
serves millions of customers locally, nationally and globally
through a diversified mix of businesses: Consumer and Business
Banking; Payment Services; Corporate & Commercial Banking; and
Wealth Management and Investment Services. The company has been
recognized for its approach to digital innovation, social
responsibility, and customer service, including being named one of
the 2022 World’s Most Ethical Companies and Fortune’s most admired
superregional bank. Learn more at usbank.com/about.
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version on businesswire.com: https://www.businesswire.com/news/home/20220809005391/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
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