OCC authorizes national banks to provide digital certification identification services to customers. Electronic bill presentment allows sellers and service providers to make bills accessible through a customer s desktop computer. Bills that would have been rendered in print form are instead produced in an electronic form and sent to the TransPoint Service Center. The Service Center consolidates bills from a number of billers so that consumers can view all their bills at one website. Consumers can access their bills by visiting a single website which seamlessly lets them view bills produced from the Service Center.
Consumers then review bills and schedule payments.
Electronic remittance information is returned to the biller and payments are routed either directly to the biller or the biller s lockbox provider. TransPoint will generally serve as an intermediary, subcontracting to third-party vendors as necessary. If TransPoint receives funds in its own name, these funds will be held in a trust account pending payments settlement. TransPoint, however, expects that it will have no risk exposure in the clearing and settlement process for bill payment. TransPoint will use the ACH or other such batch settlement to effect clearing and settlement, making payment to billers only after it has received final payment for funds from a consumer or a consumer s financial services provider.