U.S. Bank is set to roll out the eBill Service in collaboration with fintech firm Alacriti to simplify bill payments.

The new service is designed as an electronic bill presentment and payment solution for billers and payers.

According to U.S. Bank, eBill Service offers multiple payment options to increase flexibility in bill payments. It is equipped with built-in security to comply with data and privacy protection standards for PCI DSS, HIPAA / HiTech.

U.S. Bank executive vice-president and head of Global Treasury Management Rich Erario said: “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.

“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 organisation that shares our commitment to payments innovation.”

The new eBill Service can be used by government agencies, education and insurance companies and in other industry verticals serving individuals and small businesses.

Alacriti co-founder and CEO Manish Gurukula said: “Alacriti is proud to collaborate with U.S. Bank, a recognised leader in faster payments, to introduce this enhanced e-billing solution to U.S. Bank’s commercial and corporate clients.”

U.S. Bank is one of the largest commercial banks in the US. As of 30 September 2019, it managed $488bn in assets and had staff headcount of 74,000.