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
Electronic Money Association voluntary code of best practice for industry, addressing operational and non-operational risks and creating a minimum standard that could be adopted by issuers, irrespective of technology or market proposition. The Electronic Money Association (EMA) is the trade body for electronic money issuers and innovative payment service providers including payment institutions, banks, and payment schemes. It provides members with a forum to share their experiences and expertise around issues that impact new means of payment. It has taken part in negotiating several payment-related European Directives, regulations and legislation. The association works to develop industry good practice in compliance and customer service.