US Bank, a subsidiary of US Bancorp, has launched a new E-Disbursement Service, to provide a flexible and efficient method for businesses, higher education institutions and governmental agencies to disburse funds to large numbers of individuals or organizations.
US Bank said its E-Disbursement Service will offer several options that organizations can choose from to make their disbursements, including depositing funds to the recipient’s bank account, to a prepaid debit card or via a paper check.
Organizations can choose which methods they wish to offer to their recipients, and it will also allow recipients to self-select their preferred disbursement methods.
US Bank treasury management group senior vice president of product management Mary Burchette said with US Bank’s E-Disbursement Service, organizations can take advantage of a more flexible way to disburse funds than ever before.
"What makes it different than other disbursement products is the fact that organizations using E-Disbursement Service can now have a simple, painless way to let their recipients choose the type of payments that are best for them — whether that may be directly deposited into a checking account, loaded onto a prepaid debit card, or with a paper check," Burchette said.