Electronic bill payment a reduction in processing costs minimizing paperwork and an increase in customer loyalty. In a 2003 study, the banks said that "customers who pay online show more loyalty and are more receptive to other offers". Electronic bill payment Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically
Telegraphic transfer for domestic transfers or a SWIFT transfer for international transfers. The term is also used to describe other electronic funds transfer methods and, incorrectly, low cost everyday payment methods such as BACS (Bankers' Automated Clearing Services) payments, Faster Payments Service and SEPA credit transfers. Although the United Kingdom is part of SEPA with the consequent low costs of intra-SEPA payments, most UK banks charge for SEPA credit transfers as if they were telegraphic transfers, unlike banks in other non-Eurozone SEPA countries such as Switzerland and Sweden where SEPA credit transfers are charged at similar low fees to domestic payments. In