- An online system that allows customers to receive and view bills electronically via computer. Customers can then pay the bills electronically by transferring funds from their accounts to the creditors seeking payment.
mass invoicing, electronic billing, automated billing, banking service
Related Terms and Acronyms
- Automatic Payment — Definition,
- An arrangement that authorizes periodic withdrawals to be made from a chequing or savings account to pay bills, usually regular monthly payments such as for rent or mortgages.
- Electronic Commerce — Definition,
- The purchase or sale of products and services through an electronic system such as the Internet.
- Electronic Funds Transfer (EFT) — Acronym, Important,
➥ Also known as e-Transfer.
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
- Online Banking (OLB) — Acronym, Important,
- Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
- Online Bill Payment — Definition,
- A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
- Parking (prk) — Abbreviation,
- A term that refers to depositing cash in a high-yield money market account until it is transferred to another account to pay bills.
- PC Banking — Definition,
- A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.