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Official Payments Corporation is a licensed money transmitter in 44 states, the District of Columbia, and Puerto Rico. Official Payments is not required to be licensed as a money transmitter in Indiana, Massachusetts, Montana, New Mexico, South Carolina or Wisconsin.
DEFINITION of 'Automatic Bill Payment'. A money transfer scheduled on a predetermined date to pay a recurring bill. Automatic bill payments are routine payments made from a banking, brokerage or mutual fund account to vendors. Automatic payments can be made from a checking account or credit card.They are usually set up with the company receiving the payment, though itâs also possible to schedule automatic payments through a checking accountâs online bill pay service.Automatic bill payments occur over an electronic payment system, such as the Automated Clearing House (ACH).hey are usually set up with the company receiving the payment, though itâs also possible to schedule automatic payments through a checking accountâs online bill pay service.