Consumers and businesses have existing, trusted relationships with their financial institutions, whereas they may be uncomfortable providing account information on the Internet to sellers or service-providers. Many financial institutions are already able to authenticate their customers online through Internet banking platforms or similar methods. Sellers benefit from receiving guaranteed payments from buyers financial institutions, which reduces the risk of returned payments. The risk of fraud is lower because the responsibility for authenticating buyers is shifted from sellers to the buyers financial institutions, where trusted relationships with buyers already exist. Buyers benefit from the ability to keep their financial and payment information private from sellers that perhaps were previously unknown to them.
Buyers can utilize a method to pay directly from checking or savings accounts with existing funds.
Members will develop the business plans and requirements, product design, technology requirements, and a brand identity. Membership is open to all payments industry stakeholders.