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.
“U.S. Bank is focused on delivering innovative real-time payment solutions to resolve what our customers tell us are their payments pain points,” said John Hyatt, president of dealer services at U.S. Bank. “We’re simplifying loan payment processes to help our dealer clients better control their cash flow, which gives them a competitive edge and peace of mind. Dealer interest in this solution over the last few weeks has grown rapidly, with many particularly excited about finalizing their deals within moments after a consumer is approved for a loan, especially during the evenings and even on Saturdays and Sundays.”