U.S. Bank rolled out a new and improved bill pay solution with their fintech partner, Alacriti. This is an example of U.S. real-time payments being deployed through The Clearing House, RTP network.
The eBill Service provides payers the opportunity to pay bills at the last minute (which most do) and still have payments make it on time to avoid late fees. The service is offered through several devices, online, mobile, IVR and digital assistants to provide options to as many users as possible to users.
On the biller side of the equation, the solution can streamline the reconciliation process through enhanced data and may improve cash flow. Here’s more from the company’s press release:
For billers, eBill Service streamlines operations, reduces billing costs and delivers innovative payment experiences. For payers, it provides numerous flexible payment options — from online and mobile to text, digital assistant, and Intelligent Voice Response (IVR).
“U.S. Bank eBill Service helps billers get paid faster by giving customers simple, secure ways to make payments how, when, and where they want,” said Rich Erario, executive vice president and head of Global Treasury Management at U.S. Bank. “Flexible and efficient digital payment options provide important working capital benefits for our clients. To deliver these capabilities and the best service, we teamed up with Alacriti, an organization that shares our commitment to payments innovation.”
U.S. Bank eBill Service is a simple-to-use solution for government agencies, higher education, insurance companies, utilities and other industries that serve consumers and small businesses. eBill’s built-in security ensures data and privacy protection meet standards for PCI DSS, HIPAA / HiTech and the website is ADA WCAG 2.0 compliant.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group