U.S. Bank Customers Can Now Send Money Instantly to Friends and Family Online or via Mobile Device
April 28 2014 - 8:00AM
Business Wire
Additional new capabilities include ability
to request money and send personalized greetings
U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB) is the first
large bank in the country to offer real-time person-to-person
payments online and through mobile devices using the
Popmoney® Instant Payments feature, a product of Fiserv,
Inc. (NASDAQ: FISV).
The real time person-to-person (P2P) payment feature expands
U.S. Bank’s existing P2P payment service, which it has offered for
over a year. Now, customers can send money instantly to friends,
family and service providers who bank at participating financial
institutions. Instant receipt of funds depends on network
availability and, for financial institutions that do not offer the
Popmoney personal payments service, depends on the funds
availability policy of the financial institution.
In addition, U.S. Bank now offers its customers the ability to
request money, which is good for families with kids in college, or
as a way to eliminate the awkwardness and hassle of collecting
money from another person or a group. Another enhancement recently
offered by U.S. Bank enables customers to make the gift of money
much more personal by giving customers the option to select virtual
cards to attach to payments made over email for special occasions
such as birthdays, graduation or holiday gifts.
These new features are available via U.S. Bank online and mobile
banking, giving customers more ways to send, request or receive
money using their friend or family member’s account number, email
address or mobile phone number. In addition to the Instant Payment
option, U.S. Bank customers can choose from next day or standard
P2P payments.
“Providing our customers with the latest digital banking and
payment capabilities is a priority for U.S. Bank,” said Brendan
Devine, vice president of money movement at U.S. Bank. “It’s not
just about the ‘wow’ factor associated with having the bells and
whistles that no one else has, but about U.S. Bank being a trusted
resource that our customers turn to first when they want to manage
or move their money.”
“Designing payment solutions using a ‘real-time first’
mentality, which assumes that real-time is the ultimate standard of
delivery, is a guiding principle in the ongoing Fiserv initiative
to make faster payment options available to consumers,” said Marc
West, senior vice president, Electronic Payments, Fiserv. “The
powerful combination of real-time and mobile opens new doors for
adoption and use of person-to-person payments, and U.S. Bank is at
the forefront of this trend.”
About FiservFiserv, Inc. (NASDAQ: FISV) is a leading
global technology provider serving the financial services industry,
driving innovation in payments, processing services, risk and
compliance, customer and channel management, and business insights
and optimization. For more information, visit www.fiserv.com.
About U.S. BancorpU.S. Bancorp (NYSE: USB), with $371
billion in assets as of March 31, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The company operates 3,083 banking offices in 25
states and 4,878 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
U.S. Bank Corporate Public RelationsTeri Charest,
612-303-0732teri.charest@usbank.com
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