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EBIDS Makes It Quicker to Receive, Pay Electronic Bills

HERNDON, Va.--(www.AllPayNews.com)--NACHA—The Electronic Payments Association said today its Electronic Billing Information Delivery Service (EBIDS), which speeds up the ability of consumers to receive electronic bills (eBills) at the online provider of their choice, recently began operation.

The first transaction was the presentment and payment of a Verizon bill. Verizon is one of the founding participants of EBIDS.

“Verizon believes that the EBIDS model will expand consumer use of electronic bill presentment and payment,” said Angeline DePauw, Verizon director of billing processing. “EBIDS will also improve our work processes and reduce operation and accounting costs.”

EBIDS expands the capabilities of the Automated Clearing House (ACH) Network—a universal, electronic channel with open standards—to include the distribution of consumer bills to financial institutions. Benefits include:

Increased revenue for banks
Reduced costs and extended reach for businesses
Privacy for consumers
Paperless transactions
“EBIDS securely, safely, and simply accelerates the process of e-billing and payment,” said Steve Ellis, the Wells Fargo executive vice president who chairs NACHA’s board of directors. “By eliminating paper and providing easy access to bill information, EBIDS is a win-win-win: for banks, consumers and businesses.”

The U.S. Postal Service handles an estimated 20 billion paper bills for consumers each years. Using the ACH Network to process paperless eBills is an environmentally friendly alternative.

NACHA - The Electronic Payments Association

NACHA—The Electronic Payments Association oversees the ACH Network, one of the largest electronic payments networks in the world. NACHA represents more than 11,000 financial institutions through direct membership, 19 regional payments associations, and hundreds of payments system stakeholder companies through its industry councils and forums. NACHA manages the development, administration, and governance of the Automated Clearing House (ACH) Network—an efficient, reliable, and secure payments system that facilitates commerce electronically. NACHA serves its members by promulgating the NACHA Operating Rules, managing the ACH Network, promoting the value of ACH payments, and offering tools and resources to facilitate the adoption of ACH payments. To learn more, visit www.nacha.org/ebids or www.nacha.org.

Contacts
NACHA
Media Contact:
Robin Reeder, 703-395-5875
rreeder@nacha.org
or
Staff Contact:
Rob Unger, 703-626-5851
runger@nacha.org