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E-payment offers new opportunities

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Do you think online billing and e-payments will mean the death of paper bills? Tell us what you think about the potential of e-payments, as featured in this week's Financial Services IT e-newsletter. How do you think banks can benefit from implementing e-payment solutions?

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Direct deposit has been available for years, but a significant percentage of the population does not trust direct deposit. Why? Because mistakes are made and direct deposit authorizes my boss to take money out of my account if he makes a mistake.A lot of people don't trust direct deposit.

Online payments are available now, but even more people don't trust them. Why? Because databases get hacked and credit card numbers get stolen. My American Express card number was stolen a year ago and I am very careful to use only one credit card for all my online purchases. This will make it easier to track if my card number gets stolen again. I use online bill payment, but as I write this, it makes me worry that I shouldn't.

(For the record, Amex had great service and security. They called and asked if I had recently visited a Home Depot across the country and made a $2000 purchase. I hadn't, they caught the problem and it never even showed up on my bill.)

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From the little I read in your article I can see a problem with growth of this industry is going to be security, not so much from the standpoint of the mechanics of the systems. But more as an issue of trust. That the existing system is well established and understood while this is something that poses an amount of risk. However I think the benefits that you mentioned such as saving paper will eventually outweigh the initial concerns. As you said that the competition will thin into a smaller sphere I can see the initial starting point makes for a less than turstworhy situation until these things are ironed out.

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