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 Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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