VIDEO: US Bank Shows Off App in Instant Payments Spot

  • Philip Ryan
  • July 29, 2014
  • 1

US Bank released a video last week showing customers how to use its payment functionality, and in the process, gave a good tour of how to drive the bank’s mobile app. US Bank last updated its app in March, which is when instant payments arrived for mobile users, but a major update is expected this summer that will reportedly include a virtual assistant and voice biometrics.

The bank is also working on ways to monetize mobile, charging for mobile check deposit, and for expedited payments. Instant (near realtime) payments cost senders $3.50. Next-day payments cost $0.75, and 2-day payments are free. It should be noted that ACH payments are not free for banks, so the next-day option about covers costs, and the bank loses a bit of money on 2-day payments. US Bank offers e-card options to go along with person-to-person payments — a nice touch.

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Philip Ryan is Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism. He can be reached at pryan@royalmedia.com.

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