Online Bill Payment/Presentment
According to the 2011 ICBA Community Bank Payments Survey 92 percent of community banks offer online bill payment to their customers. Once the customer authorizes payment, the bank, or its authorized third-party, remits payments to merchants by way of the major EFT networks, the Federal Reserve Automated Clearinghouse System, or directly to a merchant.
Keywords: remittance processing, online bill payment
Staff Contact: Cary Whaley
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