Unlike some larger competitors, which credit a cardholder's account as soon as payment is received electronically, the CheckFree system requires a 48hour delay. Banks had better move quickly to insure their position in the online payments world, advises GartnerGroup's Litan. They're going to have to become aggregators too, and start scraping screens as well. I say, if you can't beat them, join them, then beat them. But to do that, banks will have to come up with something unique and compelling, Litan says.
Banks are in a position to offer all three, but they have little time to get moving.
While billers expect banks to play a major role in this emerging market, at the same time they see no real advantage in using banks, she says. That could spell trouble for credit card issuers. All Rights Reserved. Only fair use, as provided by the United States copyright law, is permitted. UMI Company makes no warranty regarding the accuracy, completeness or timelines of the Publications or the records they contain, or any warranty, express or implied, including any warranty of merchantability or fitness for a particular purpose, and shall not be liable for damages of any kind or lost profits or other claims related to them or their use.