“U.S. Bank is using the Real-Time Payment (RTP) network to deliver funds to more than 6,000 auto dealers immediately, so when a customer pays with a loan, the sale hits the dealership’s bank account in real time.  “While the traditional ACH payment method for funding auto loans can take several days – especially when sales are made outside of banking hours – real-time payments to dealers are fast, secure and available seven days a week, including holidays,” the bank said in its announcement.  ACH (Automated Clearing House) networks date back to the early 70s. The U.S. has two — one operated by the Federal Reserve and the other by The Clearing House (TCH), owned by some of the world’s largest banks. TCH introduced its RTP in 2017; the Federal Reserve, after several years of study and discussion, plans to launch its own version in 2023. These are the first new payment rails in the United States in 40 years.   Although the TCH network is open to all federally insured U.S. depository institutions, some smaller banks and credit unions are reluctant to use a system owned by the large banks.”

“U.S. Bank has embedded payment solutions within Microsoft Dynamics 365, the first of a strategic collaboration established to embed U.S. Bank payment capabilities across Microsoft platforms. The integration helps meet businesses where they are, with secure, fast and easy-to-implement payment capabilities. U.S. Bank is one of the first banks to embed its own payment tools directly within Microsoft Dynamics 365. The direct integration into the enterprise resource planning (ERP) and finance solution makes it easier for businesses to click and start using the capabilities quickly. U.S. Bank has several more capabilities in the pipeline to embed additional payment tools within workflows across Microsoft platforms including Microsoft Teams and Microsoft Power Platform.”

“With another innovative RTP® Network solution, U.S. Bank can now provide loan funds to auto dealers instantly after the loan contract is finalized by the bank. Following a successful pilot completed in June, U.S. Bank has already enabled more than 800 auto dealers to receive funds from auto loans via a real-time payment. The bank expects to deliver the solution to more dealers in the coming months as the bank continues to improve operational efficiencies for auto dealers…Auto dealers using real-time payments gain a competitive advantage, with greater control over cash flow and improved Contract-in-Transit metrics, a key performance indicator for auto dealers and their employees. The solution is also available to recreational vehicle dealers.”

“U.S. Bank today announced a real-time payment collaboration with Apex Fintech Solutions (“Apex”) to provide greater speed and security to money movement between individual investors and broker dealers.  Through its subsidiary Apex Clearing Corporation, Apex provides clearing and custody services to some of the top online brokerages, powering the future of digital wealth management through innovation. With this real-time payment solution, brokerages using Apex will be able to offer individual investors a more streamlined payment solution that enables instant funding of their brokerage accounts and instant disbursement from their brokerage accounts to their bank accounts.”

“U.S. Bank has debuted a Spanish-speaking version of its Smart Assistant mobile app voice assistant. The bank claims Asistente Inteligente de U.S. Bank is the first such tool among financial institutions in the U.S., allowing customers to converse by voice and text with the AI in Spanish.”