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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Online Bill Payment


Synonyms:Internet banking, banking App, mobile banking
Filed Under: financial-banking
Tags: banking
 

Definition of online bill payment

online bill payment
1. Online bill payment systems allow people to pay their bills electronically through the Internet as opposed to writing cheques and mailing them to creditors, or actually going into the bank. Using online bill payment is simple because clients log into their bank's website, enter the names of the creditors they want to pay along with the account numbers, and they can virtually pay all bills from the comfort of their own homes.

Related Terms and Acronyms:

  • browser   A computer software program used for accessing and viewing Internet Web sites.
  • client-based banking software   Customers use money management software and their own computers to access the bank using a modem and a phone line.
  • express account   A low-fee or no-free chequing account, limited to ATM, telephone, and online transactions. Express account customers are charged fees when using bank teller services.
  • home banking   A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
  • online banking (OLB)   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.
  • pc banking   A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
  • personal consumption spending   What households collectively spend on goods and services.
  • personal finance manager   Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
  • pre-authorized payments   A way to set up a monthly payment to be automatically paid from a bank account.
  • secure socket layer (SSL)   A standard form of encryption used over the Internet for e-commerce and banking transactions.
      ➥  Seen as 'https' in a web address (URL).

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