NACHA's electronic billing information delivery service (EBIDS) has officially gone into operation. EBIDS is designed to enable the transmission of consumers' electronic bills to the online provider of their choice.
The first transaction was the presentment and payment of a Verizon bill. Verizon is one of the founding participants of EBIDS.
According to NACHA, EBIDS expands the capabilities of the automated clearing house (ACH) network 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; and paperless transactions.
The payments organization also says EBIDS plays nicely into green initiatives as it eliminates the need for paper bills.
"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."