Online Bill Payment

Definition

• 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.

Synonyms
banking App, Internet banking, mobile banking

Related Terms and Acronyms

• Bill Presentment — Definition,
  • An online system that allows customers to receive and view the bill on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred from the account.
• Browser — Definition,
  • A computer software program used for accessing and viewing Internet Web sites.
• Client-based Banking Software — Definition,
  • Customers use money management software and their own computers to access the bank using a modem and a phone line.
• E-cheque — Definition,
  • An electronic version of a paper cheque. The account holder writes an e-cheque using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-cheques are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-cheques are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-cheque, receives credit, and the payee's bank clears the e-cheque to the paying bank. The paying bank validates the e-cheque and then charges the cheque writer's account.
• Electronic Cash — Definition,
  • Also known as e-cash. A system used to transfer cash over the Internet to pay for goods and service.
• Electronic Commerce — Definition,
  • The purchase or sale of products and services through an electronic system such as the Internet.
• Encryption — Definition,
  • A method for ensuring the privacy and security of a consumer's personal finance information at a bank or financial institution Web site. Encryption is the process of scrambling data so that only the intended receiver can use it. To be effective, encryption needs to be used by both the sender and the receiver. Consumers should make sure it is being used when sending sensitive information. CanEquity uses a encrypted server for all of our online applications.
• Express Account — Definition,
  • 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 — Definition,
  • A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
• 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.
• PC Banking — Definition,
  • A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
• Personal Consumption Spending — Definition,
  • What households collectively spend on goods and services.
• Personal Finance Manager — Definition,
  • 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 — Definition,
  • A way to set up a monthly payment to be automatically paid from a bank account.
• Secure Socket Layer (SSL) — Acronym,
  • A standard form of encryption used over the Internet for e-commerce and banking transactions.
  ➥ Seen as 'https' in a web address (URL).