Online Banking ePayments
From Wikipedia, the free encyclopedia
Online Banking ePayments (OBeP) is a type of payments network, developed by the banking industry in conjunction with technology providers. It is specifically designed to address the unique requirements of payments made via the Internet.[1]
Key aspects of OBeP that distinguish it from other online payments systems are:
- The consumer is authenticated in real-time by the consumer financial institution's online banking infrastructure.[2]
- The availability of funds is validated in real-time by the consumer's financial institution.[3]
- The consumer's financial institution provides guarantee of payment to the merchant.[3]
- Payment is made as a credit transfer (push payment) from the consumer's financial institution to the merchant, as opposed to a debit transfer (pull payment).[3]
- Payment is made directly from the consumer's account rather than through a third-party account.[3]
Nearly half of the bills paid in the US during 2013 were done via electronic bill payment.[4] Also, during 2014, nearly 48% of all online shopping in North America were made with a credit card. Globally, online payments are expected to exceed 3 trillion Euros (approx. US$3.2 trillion) in the next 5 years.[5]