US Bank is following its peers into consumer
online payments.
US Bank, the sixth largest by assets in the
country, has implemented Secure Vault Payments (SVP) to enable
students and parents of the University of Wisconsin-Stout to
process online tuition payments with SVP using a consumer online
bank account at US Bank or any financial institution with SVP.
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The new online payment option was developed by
the electronic payment association, NACHA.
Business staff of the university have received
positive feedback from parents and students who have already used
US Bank’s new online payment system as it allows paying directly
from their own bank account without fees.
Eric Lim, vice president and senior product
manager for US Bank treasury management, said US Bank was committed
to providing merchants and billers with innovative solutions to
increase the efficiency of their payment collection and to enhance
their customers’ satisfaction
He added:
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By GlobalData “We believe SVP provides compelling
benefits as an online consumer payment option for many other
industries including government, utilities and non-profits. We plan
on launching Secure Vault Payments with other organizations later
this year.”
The implementation of SVP comes three months after US Bank’s
peers, Wells Fargo, Bank of America and JPMorgan Chase
teamed up to offer live online banking service under the name
of clearXchange.
US Bank has been named by Keynote as the provider of best
customer experience among US retail banks’ websites.
