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U.S. Bank Implements Secure Vault Payments(R) for Nebraska Online Child Support Payments

MINNEAPOLIS, Jan 09, 2012 (BUSINESS WIRE) --U.S. Bank announced today the successful implementation of Secure Vault Payments (SVP) with the Nebraska Child Support Payment Center for online child support payments. Non-custodial parents can now choose Secure Vault Payments (SVP) to make their child support payments from a consumer online bank account at U.S. Bank or at any SVP-enabled financial institution.

"Our overriding concern at the Nebraska Child Support Payment Center is to make sure children receive the financial support they need," said Nebraska State Treasurer Don Stenberg. "By providing the Secure Vault Payments option, we are offering yet another secure and convenient means for non-custodial parents to stay current with their child support obligations and to make their payments on time and in full."

Within just a few hours of implementation, Nebraska Child Support Payment Center received their first child support payment using Secure Vault Payments from an out-of-state non-custodial parent.

More than $1 million in child support payments is processed daily at the Child Support Payment Center, a division of the Nebraska State Treasurer's Office. Under federal law, payments to custodial parents must be disbursed within two business days of receipt of the child support.

"The Nebraska Child Support Payment Center is the first child support payment center in the United States to offer Secure Vault Payments," said Troy Reiners, director of the center. The option is good for the state as well as for parents paying child support because funds are verified and secured at the time of the transaction. With SVP, the state avoids problems associated with checks returned due to insufficient funds, stop-pay notices or other returns on bank accounts.

With Secure Vault Payments, a non-custodial parent initiates the payment at the Child Support Center's website. The parent is automatically redirected to his or her bank's online banking platform to select the account to use for payment. The participating financial institution authenticates the payer and immediately withdraws funds from the payer's account and then transfers funds to the Child Support Center the next business day.

SVP does not require convenience fees and allows parents to make child support payments electronically without having to share their bank routing number or bank account number with the state. To offer Secure Vault Payments as an online payment option, an organization must be sponsored into the SVP network by a SVP-enabled bank.

"U.S. Bank is committed to providing organizations with innovative solutions to increase the efficiency of their payment collection and to enhance their payers' experience," said Eric Lim, vice president and senior product manager for U.S. Bank Treasury Management. "U.S. Bank was the first top ten bank to offer SVP. We believe Secure Vault Payments provides compelling benefits as an online consumer payment option for many industries including government, higher education and nonprofit organizations."

Secure Vault Payments was developed by NACHA -- The Electronic Payments Association to reduce paper checks and increase use of the Automated Clearing House (ACH) Network. NACHA is both an industry trade association and the administrator of the ACH Network. The SVP technology that transfers users between the biller's site and the financial institution's site is provided by eWise, the exclusive network provider for SVP. For a list of financial institutions, merchants and billers offering SVP as a consumer online payment option, visit www.securevaultpayments.com.

About the Nebraska State Treasurer's Office

The Nebraska Child Support Payment Center, located at 233 S. 10th St. in Lincoln, is one of five divisions of the Nebraska State Treasurer's Office. The other divisions are Treasury Management, Unclaimed Property, the Nebraska Educational Savings Plan Trust (NEST), and the Nebraska Long-Term Care Savings Program. The collection and distribution of child support payments was centralized in the State Treasurer's Office in December 2001. Learn more about the Treasurer's Office at www.treasurer.org

NACHA -- The Electronic Payments Association

NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network serves as a safe, secure, reliable network for direct consumer, business, and government payments, and annually facilitates billions of payments such as Direct Deposit and Direct Payment. Utilized by all types of financial institutions, the ACH Network is governed by the NACHA Operating Rules, a set of fair and equitable rules that guide risk management and create certainty for all participants. As a not-for-profit association, NACHA represents nearly 11,000 financial institutions via 17 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to enable innovation that strengthens the industry with creative payment solutions. To learn more, visit www.nacha.org and www.securevaultpayments.org.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bank

U.S. Bank Public Relations
Amy Frantti, 612-303-0733

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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