To implement the Executive Yuan’s plan for a common payment platform to improve the Bill Payment Service, the Bankers Association invited FISC and banks to roll out the Bill Payment System in 2004. The new Bill Payment System integrates all kinds of payment systems, including ATMs, Internet payments, and mobile payments, and provides both real-time and bulk payment of bills and taxes. The new system simplifies the processing of payments between government agencies, financial institutions, and corporations, providing consumers quick and convenient bill payment services.
1. Feature
(1) Bill Payment Security
The platform is compliant with the Directions Concerning the Security Control Operations of Financial Institutions Conducting Electronic Banking Business. To reduce the risk of fraud, consumers do not need to know the transfer account when they pay any bill or tax.
(2) Easy & Fast Funds Transfer
Customers pay bills form anywhere at anytime. Fast funds transfer lets billers manage funding pool easily.
• Easy to join platform through single bank.
• Reduces development and operation costs.
• Easy to manage funding pool.
2. Benefits
(1) To consumers
Can easily use any kind of payment tools, such as ATM, kiosk, computer, telephone voice, mobile phone, or PDA to pay taxes and bills. The payment tools, moreover, can be provided by a participating bank or a government agency.
(2) Government, institutions or corporations
Can quickly gain the use of an expanded range of payment tools by linking up with the Bill Payment System. Also, billers can choose online or bulk payments.
(3) Financial institutions
Can provide total bill payment solutions.
The Bill Payment System provides for quick completion of payments, funds reception, and clearing of accounts. Government agencies enrolled to receive payments via the system are linked directly to the platform, while enrolled businesses can link up via an account servicer. Once linked up to the unified national payments system platform, any government agency or business can execute transactions with any financial institution in Taiwan. This reduces the cost of deployment and maintenance, reduces the time required to receive funds, and simplifies bulk collection procedures. For financial institutions, the national payments system makes it possible to offer customers superb electronic service, and to reap the efficiencies generated by paperless operations. The new service uses a unified platform to streamline operating procedures, making it easier to link up with different kinds of network access equipment. Both financial institutions and the organizations enrolled in the system can reduce operating and maintenance costs, become more competitive, and provide consumers with services that enable them to pay taxes and bills at any time or place.
1. Real-time payment of bills and taxes
Customer uses a savings account or financial chip card to execute online payments, with real-time account debiting, to pay phone bills, credit card bills, fines, taxes, utility bills, medical bills, insurance premiums, school tuition and fees, charity donations, building management fees, membership fees, cable TV bills, and more. Customer can also pay into investment funds this way. Payments can be made via an ATM, the Internet, a telephone voice menu system, mobile phone, digital television, or various other network access points, or via the National Payments Net website at rhttp://ebill.ba.org.tw.
2. Batch payment of bills and taxes
Customer authorizes financial institutions, government agencies, or business firms to execute direct debit or direct credit transactions. The authorized parties enter the direct debit or direct credit transaction data into data files and send the data at scheduled times via the national payments platform to the paying bank for payment of the specified taxes or bills.
3. Batch to real-time payment of bills and taxes
Customer authorizes financial institutions, government agencies, or business firms to execute direct debit or direct credit transactions according to a preset schedule. The authorized parties enter the direct debit or direct credit transaction data into data files. At scheduled times, the account servicing bank either initiates a batch to real-time transaction, or refers the matter to FISC for activation of a batch to real-time transaction, which is transmitted via the national payments platform to the paying bank for payment of the specified bill(s) by means of real-time debit or real-time credit transaction.