Eiger Systems : Press articles
Europe's payments industry is undergoing fundamental change. The European
Union's move towards payment harmonisation presents domestic Automated
Clearing Houses (ACHs) with the challenge of European competition and the
opportunity of new business abroad. At the same time, new technology - and
the lower cost of market entry this brings - is creating opportunities for
new payment business models such as EIPP (Electronic Invoice Presentment and
Payment) and EBPP (Electronic Bill Presentment and Payment) - the electronic
delivery of B2B and B2C invoices and bills respectively.
The growth in electronic bill payment is not keeping pace with the growth in
remote banking. The central constraint on the growth in electronic bill
payment is consumer confidence and the issue underlying this is the correct
validation of consumer-supplied bank data by the telephone or online banking
provider. Given a lower level of consumer loyalty to online brands compared
with the high street, the white paper concludes by suggesting that the
future growth of remote banking will itself be constrained unless providers
address the issue of bank data validation.
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