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Flex dollars are a form of payment used at large institutions, especially universities. Georgetown University, James Madison University, University of Toronto, Saint Mary's University, Queen's University, University of Waterloo, McMaster University, University of Western Ontario, University of Ottawa, University of Utah, York University and Messiah College are all schools that use this system.
A fourth category requires that a merchant have a single connection to an alternative payment provider. This alternative payment provider has connections to multiple online banks. This does not require the consumer to share their online banking credentials, but still offers the same advantages to the merchants as “overlay payment solutions ...
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.
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An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
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[1] [2] A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. [3] Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This ...
processing layers (customer service systems, management systems, data warehouse systems, integrated customer content systems), exchange layer (Enterprise Application Integration– EAI), interaction layer ( integrating e-services), and; presentation layer (customer interface through which the web pages and e-services are linked).