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]
^["http://icpno.com International Council of Payment Network Operators]
^Payments News. Scott Loftesness. July 31, 2010.
^ abcdPayments News. Carol Coye Benson. July 23, 2008.
^Rapport, Marc (June 18, 2014). "Bill Pay Adoption Continues, Snail Mail Continues". Credit Union Times. p. 13. ...from 2010 to 2013, digital bill payments grew from 37% of all bills paid to 49%.
^"Global Online Payment Methods: Second Half 2014". CNBC. January 2, 2015. p. 1. Archived from the original on 2017-05-30. ...Online and mobile payments worldwide are forecasted to top three trillion Euros...
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