U.S. Bank, Driveway Deliver Payments Instantly to Online Car Sellers
March 23 2022 - 9:00AM
Business Wire
Driveway becomes first online car dealership
to pay customers via real-time payments
U.S. Bank and Driveway have collaborated to pay car sellers
immediately with real-time payments, making Driveway the first
online car dealership to pay customers over the RTP® network.
Customers selling a car on Driveway.com can now have the payment
deposited instantly into their bank account after a sale is
complete and before the vehicle even leaves their driveway.
Prior to this advancement, customers waited 24-48 hours to be
paid via ACH or several days via physical check. In 2021, Driveway
approached U.S. Bank to develop a payment solution that would be
nearly frictionless and reduce the amount of time it took for
online car sellers to receive their payment. U.S. Bank, an industry
leader in real-time payments, brought the challenge to its Global
Treasury Management innovation studio to identify and test the best
solution for Driveway.
“We’re proud to deliver a new RTP solution that creates a
faster, safer and more convenient payment experience for Driveway
and its customers,” said Shailesh Kotwal, vice chair, U.S. Bank
Payment Services. “Those selling cars on Driveway.com will benefit
from an instant, frictionless payment experience while Driveway
will achieve greater customer satisfaction from their innovative
payment process. We look forward to working with innovative
companies like Driveway in every industry to find RTP solutions
that deliver instant value both internally and for their
customers.”
“RTP’s instant-payment solution is another innovative offering
providing customer optionality, transparency, and convenience in
Driveway’s digital, buying-and-selling ecosystem,” said Bryan
DeBoer, President & CEO of Lithia & Driveway. “Our new
partnership with U.S. Bank empowers Driveway to provide full and
immediate payment to customers, further modernizing our personal
transportation solutions for consumers wherever, whenever, and
however they desire.”
How it works: After a Driveway customer enters details
about their car, they receive an instant quote. If the customer
wants to proceed, they receive an email invitation to provide their
payment and bank details via a Driveway and U.S. Bank co-branded
digital payment portal. Following an in-person inspection by a
Driveway Valet and finalized sale, the payment is instantly
deposited into the car seller’s bank account via the RTP
network.
Real-time payments will be available to Driveway customers
following a pilot, which is underway in the Portland area now.
With the RTP Network, the first new payments 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 Request for Payment solution for
billers.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $573 billion in
assets as of December 31, 2021, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220323005126/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
US Bancorp (NYSE:USB)
Historical Stock Chart
From Jun 2024 to Jul 2024
US Bancorp (NYSE:USB)
Historical Stock Chart
From Jul 2023 to Jul 2024