Council for Electronic Billing and Payment (CEBP) in E-Payment

Raditya Bariq 2301918073

CEBP(Council for Electronic Billing and Payment) is a company that promotes the adoption and use of E-billing and consumer, business, and government payments programs and services across multiple delivery channels. Through three annual meetings, CEBP provides an open forum for education, resource development, solution innovation, research, and information exchange on developments and trends in the electronic billing and electronic payments industries. E-payment or online payment is defined as the payment of goods or services on the internet. It covers all financial operations that use electronic devices, such as computers, smartphones, or tablets. Electronic payments come by a variety of methods, such as credit or debit card payments or bank transfers. Note that one of the most popular and common online payment methods today is credit cards. E-billing is payment process and receipt of bills online. Bills are created digitally by computers and software applications. E-billing not only generates electronic bills but also systems that allow these bills to be paid electronically. Electronic bills are usually created by accounting or financial software solutions and then sent to the payer via email or a web-based portal. These e-Billing and e-payment portals usually allow payers to access copies of their electronic bills and update information. E-billing is divided into two:  biller-direct and bank-aggregator. Biller-direct is electronic billing, offered by a company providing goods or services. The company gives customers the option to pay bills directly on their website and may notify them when payments are due via email. The customer then logs into the site through a secure connection, reviews billing information, and enters the payment amount. Many large banks offer electronic bill payments and presentation services as part of their online banking system. In general, online banking, sometimes called “Internet banking” or “web banking”, allows users to conduct financial transactions over the Internet. In particular, online banks offer customers the ability to make deposits, withdrawals, transfers between accounts, and other traditional services, as well as online bill payments, such as EBPP. Convenience is clearly the main advantage of online banking because transactions can take place 24 hours a day, seven days a week. On the downside, accounts can be vulnerable to hacking (although banking security continues to increase). Therefore, when using online banking, consumers are advised to use their data plans, rather than public Wi-Fi networks, to help prevent unauthorized access.

E-billing can increase efficiency and save time while reducing error rates. The process of getting data, putting bills in envelopes, sending them envelopes, and then waiting until they are received is a very time-consuming and laborious process. Although time savings are a major benefit, the reduction of manual labor on monotonous tasks allows financial employees to focus their time on more strategic activities. The shift from paper-based bills to electronic bills also inherently creates better setups and results in fewer errors. E-billing adds efficiency to several business units, ranging from accounting to customer service. Electronic bills are generally created by the AR (Accounts Receivable)department, which acts as the payee, and is paid by the AP(Accounts Payable) department or payer. Electronic bills make it easy for accounting personnel to balance and reconcile bookkeeping and customer service representatives to access electronic records and resolve issues.