DOCSLIB.ORG

Electronic Bill Presentment and Payment

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Electronic Bill Presentment and Payment PRODUCT OPPORTUNITY ASSESSMENT ELECTRONIC BILL PRESENTMENT AND PAYMENT TABLE OF CONTENTS BUSINESS PROBLEM STATEMENT .............................................................................................................. 1 THE MARKET OPPORTUNITY......................................................................................................................... 2 THE NETCENTER OPPORTUNITY.................................................................................................................. 4 TARGET CUSTOMERS ..................................................................................................................................... 5 SOLUTION REQUIREMENTS........................................................................................................................... 6 COMPETITIVE LANDSCAPE............................................................................................................................ 8 BUY/PARTNER OPTION: PARTNERING STRATEGY DISCUSSION ......................................................... 9 BUILD OPTION: ENGINEERING SCHEDULE AND RESOURCE PLAN................................................... 11 BUILD OPTION: FINANCIAL ANALYSIS...................................................................................................... 13 RECOMMENDATIONS .................................................................................................................................... 15 APPENDIX: TARGET CUSTOMERS ............................................................................................................. 16 APPENDIX: MARKET BACKGROUNDER.................................................................................................... 19 BUSINESS PROBLEM STATEMENT What is the key business problem that this product is supposed to address? Companies such as telco’s, utilities, retail stores and more are interested in finding effective ways to both provide improved customer service, as well as reducing their costs. One way to do both is with Electronic Bill Presentment and Payment (EBPP). The on-line bill provides an opportunity for the company (the biller) to replace the expensive, static paper-based bill with a personalized, rich transactive presentment of the bill along with highly targetted cross-sell marketing and customer self-service access that also can significantly reduce billing costs and customer service/support costs. NETSCAPE COMMUNICATIONS 1 THE MARKET OPPORTUNITY What is the market and how big is the opportunity? MARKET DEFINITION Electronic Bill Presentment and Payment (EBPP) is an emerging market and the segments are not yet well established, however, there have been certain industries that have adopted the technology more readily than others, and there are certain approaches to the problem that have emerged. For purposes of discussion in this document, we define Electronic Bill Presentment as the electronic transmission of bill detail from businesses to consumers. It includes presentation of information, data analysis, cross selling, up selling, advertising and bill dispute. We define Electronic Bill Payment as the process of performing electronic payments between the consumer, the biller, and the financial institution. We define Direct Bill Presentment as the approach where billers create and present their electronic bills on its own website. We define Thin Consolidator Bill Presentment as when the biller’s summary data is provided to a bill consolidator that then presents the bill detail to the customer on demand. We define Thick Consolidator Bill Presentment as when the biller’s summary and detail data is provided to a bill consolidator, who then presents it to the customer. Please see the Appendix: Market Backgrounder for additional market definition information. MARKET ANALYSIS The EBPP industry is expected to be large due to the opportunity for major billers to save literally millions of dollars through improved cash management and other cost savings. In this document we predict the market opportunity through two approaches. First, we do a bottoms-up analysis based on target customers. Second, we look at the industry analysts for data on number of billing transactions and the rate of growth of the internet billing market. With respect to the bottoms-up analysis, we start with the following data of target customers (in US only): Banks Savings Credit Unions Telcos Utilities Insurance Institutions Small 8853 1633 11318 0 0 0 Medium 277 130 51 0 0 0 Large 398 161 23 26 74 56 Total 9528 1924 11392 26 74 56 If we just consider large US, direct biller customers, and only in the financial, telco, utility and insurance industries, there are over 700 target customers (we limit here to be conservative in our market size estimates). If we assume the average expenditure for these large customers is $1M (product license and services), and we assume a ramp over several years, we have the following market opportunity projections: NETSCAPE COMMUNICATIONS 2 Year 1998 1999 2000 2001 % who buy 10% 25% 35% 50% Market $70M $150M $220M $350M Opportunity We think the market is considerably larger, especially when considering the global opportunities, additional industries, add-on sales and maintenance, but for planning purposes we use these numbers here. The following industry references help to give us a sense of the market size. “We have identified at least 15 billion transactions that fit this market space. EBPP is at least a $1B to $1.5B industry, more if we include transaction fees. There are unnamed opportunities for advertising and cross-selling services.” - Gary Craft, Senior Research Analyst, Robertson, Stephens & Company “Savings from electronic bill presentment could net billers 75 cents to $1.25 per customer, per month. For a large biller with two million customers, even if only 10 percent of the customer base elects to receive their bills electronically, that’s a net benefit of anywhere from $2 million to $3 EBPP Market Opportunity 20 18 16 14 12 10 8 6 4 2 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Number of Bills in (MMs) 17.8 18 18.1 18.2 18.3 18.5 18.6 18.7 18.8 18.9 19 Payable through Net (in MMs) 0.1 0.4 2.5 5 7 9 11 12 13 13.5 14 million a year.” - Bill Burnham, Senior Electronic Commerce Analyst, Piper Jaffray “By the year 2000, the number of bills being presented electronically could go as high as 10 million to 11 million.” - Gary Meshell, Director of Electronic Financial Services, Price Waterhouse NETSCAPE COMMUNICATIONS 3 THE NETCENTER OPPORTUNITY What is the applicability of this product to Netcenter? The BP team has been having ongoing discussions with the Netcenter team as we both explore the opportunities in the EBPP space. Netcenter has in fact several different opportunities, all of which so far appear to be very much in line with the requirements we are seeing from the rest of our target market. NETCENTER AS DIRECT BILLER There are several services that Netcenter would like to provide on-line billing for. These include advanced Netcenter membership subscription services, as well as new services such as on-line procurement that are planned for the future. For both of these, Netcenter is the direct biller, and wishes to provide the business or consumer customer with a tailored billing statement covering the products and services purchased and providing appropriate payment options. NETCENTER AS PORTAL Netcenter also of course has the opportunity to leverage its asset as a major industry portal to provide bill consolidator services. This bill consolidation feature could either be “branded” by Netcenter or a major Netcenter partner, such as one of the widely respected financial institutions. The thin-consolidator model is most appropriate here, although another approach could be the multi-hosted direct biller model, but this would require significantly more hosting capacity and in effect acts like the thick-consolidator model. The Netcenter team and BP team have shared preliminary plans, and the opportunity for APD to be the provider of EBPP software to Netcenter is very high. The timing is roughly compatible, and the requirements are very compatible. NETSCAPE COMMUNICATIONS 4 TARGET CUSTOMERS What types of customers are we interested in addressing, and who in particular would target? TARGET MARKETS Seven industries account for ninety-one percent of the consumer biller market. The combination of Auto and Housing Finance makes Financial Institutions the largest billers. In the chart below, utilities includes both telco’s and power and gas utilities. Periodical Health Care Legal 8% 18% 8% Other 9% Auto Finance Insurance 18% 12% Housing Finance Utilities 12% 15% EBPP by Industry TARGET CUSTOMERS Examples of customers that we are targeting with this product include utility companies, on-line service providers, insurance companies for health, auto and home, mortgage companies, automotive credit, general consumer credit card companies, savings & loans and credit unions, gasoline, department stores and other retailers, and health clubs. Specific customers that we have interviewed during the requirements definition and validation phase include the following: • Telecommunications – Bell Atlantic, GTE, Ameritech, SBC Communications, Pacific Telesis Group • Financial Institutions – Citibank, Zion’s Bank, Chase Manhattan, Nations Bank, Banc One, Crestar Financial Corp, Barclays Bank • Utilities – Boston Edison, PG&E, Questar, Edison International • Billing Service Providers – CSG For a complete set of companies that
Load more

Recommended publications
  • Electronic Bill Payment and Presentment: a Primer
    P Electronic Bill Payment and Presentment: A Primer Ann H. Spiotto Federal Reserve Bank of Chicago Emerging Payments Occasional Paper Series December 2001 (EPS-2001-5) FEDERAL RESERVE BANK OF CHICAGO Electronic Bill Payment and Presentment: A Primer Ann H. Spiotto Ann H. Spiotto is senior research counsel with the Emerging Payments Studies Department of the Federal Reserve Bank of Chicago. She previously spent twenty-five years as an attorney for First Chicago Corporation working with its retail banking and credit card operations – during her last ten years at First Chicago she was responsible for the legal work performed for the credit card business. Special thanks to Brian Mantel for his support in reviewing and critiquing this article. The views expressed in this article are those of the author alone and do not necessarily reflect the views of the Federal Reserve Bank of Chicago or the Board of Governors of the Federal Reserve System. The Occasional Paper Series is part of the Federal Reserve Bank of Chicago’s Public Policy Studies series. Address any correspondence about this paper to Ann H. Spiotto, Federal Reserve Bank of Chicago, 230 S. LaSalle Street, Chicago, Illinois 60604 or e-mail Ann at [email protected]. Requests for additional copies should be directed to the Public Information Center, Federal Reserve Bank of Chicago, P.O. Box 834, Chicago, Illinois 60690-0834 or telephone (312) 322- 5111. This paper is available at http://www.chicagofed.org/publications/publicpolicystudies. This paper first appeared in substantially similar form in the November 2001 edition of The Business Lawyer.
    [Show full text]
  • The Pandemic Is Giving Banks the Opportunity to Create Goodwill With
    September 2020 | americanbanker.com Never let a good crisis go to waste — the pandemic is giving banks the opportunity to create goodwill with consumers and our annual survey of bank reputations offers some insight on how to keep the positive momentum going REPUTATION REBOUND ABM0920_Cover_Final.indd 1 8/11/20 2:11 PM Maximize the Value of Your Seniors Housing Loans Welltower (NYSE: WELL), an S&P 500 company, is the largest owner of seniors housing and medical-related real estate assets in the world. Our platform of best-in-class operators, key health care industry relationships, unparalleled data analytics capabilities and access to capital allows us to work alongside and in partnership with you to maximize the value of your seniors housing industry loans (CRE as well as construction loans). We o er solutions to buy your existing loans or to bring in operating partners to turn around existing situations. Please contact us today to explore ways we can partner WELL with you. CONTACT US TODAY Tim McHugh, EVP and CFO Nikhil Chaudhri, VP, Investments [email protected] [email protected] (646) 677-8743 (646) 677-8772 0C2_ABM0920 2 8/12/2020 2:30:18 PM Contents September 2020 | VOL. 130 | NO. 9 REPUTATION SURVEY 14 14 On the rebound Buoyed by its efforts to help consumers and businesses weather the pandemic, the banking industry saw its reputation improve for the first time in several years. Our annual survey offers some insight on how to keep the goodwill flowing. 20 Talking points The coronavirus crisis shows how much crisis communications matter.
    [Show full text]
  • The Evolution of Electronic Bill Payment in Canada November 21, 2011 the Evolution of Electronic Bill Payment in Canada by W
    The Evolution of Electronic Bill Payment in Canada November 21, 2011 The Evolution of Electronic Bill Payment in Canada By W. H. (Bill) Loewen, C.M., F.C.A., Chairman, Telpay Incorporated Since 1985 an estimated two billion bill payments have been generated electronically, first by telephone and then by personal computers. Nearly all of those payments were generated by individuals paying monthly bills such as utilities and credit cards. The resulting savings have been enormous. One consultant estimated that the bank cost of processing an electronic payment was one ninth the cost of a paper payment. That would put nearly $200,000,000 in the pockets of the banks and credit unions. The utilities and credit card companies probably saved in the order of $1.00 per payment over processing cheque payments via the mail. That could be $2 billion in savings to them. Then the bill payers saved over 50¢ per payment for postage alone for another billion dollars savings. At 2010 volumes of over 400,000,000 electronic payments, the annual savings to all parties, consumers, utilities and financial institutions, would likely come to somewhere near $600,000,000. And volumes continue to increase annually. How did this come about? The Canadian Payments Association (CPA) would have us believe they had a big hand in it. Their submission to the Task Force for Payment System Review says “The CPA was instrumental in driving the transition from cheques and paper in the 80s to electronic payments in the 90s”. That is simply not true. It was Telpay that started electronic bill payment 1985 and had to dodge sticks from the CPA and certain banks to stay in business.
    [Show full text]
  • Banner Bank Small Business Bill Pay Agreement
    SMALL BUSINESS BILL PAYMENT AGREEMENT – TERMS AND CONDITIONS OF THE BILL PAYMENT SERVICE This Small Business Bill Payment Agreement (“Agreement”) sets forth the terms and conditions of the bill payment service offered by Banner Bank (the “Service”). This Agreement supplements the terms and conditions of the Account Agreement as defined below. SERVICE DEFINITIONS “Account Agreement” means the signature cards and accompanying documents that comprise the depository account agreement and related depository services, including, the Terms and Conditions of Your Account, Online and Mobile Banking User Agreement, and as applicable, treasury management or other agreements. "Agreement" means these terms and conditions of the bill payment service. “Bank,” “we” or “us” means Banner Bank. "Business Day" is every Monday through Friday, excluding Federal Reserve holidays. "Customer Service" means the Customer Service department of Banner Bank. Please see the CONTACT AND SUPPORT section below for Customer Service contact information. "Due Date" is the date reflected on your Payee statement for which the payment is due; it is not the late date or grace period. "Pay From Account" is the checking account from which bill payments will be debited. "Payee" is the person or entity to which you wish a bill payment to be directed or is the person or entity from which you receive electronic bills, as the case may be. "Payment Date" is the day you want your Payee to receive your bill payment. This day can only be a Business Day and is only an estimate. Delivery may take more or less time when we are required to mail a check to your Payee.
    [Show full text]
  • The Ever Changing Landscape of Electronic Bill Payment WPTA Annual Conference April 12 – 14, 2017 Disclaimer
    The Ever Changing Landscape of Electronic Bill Payment WPTA Annual Conference April 12 – 14, 2017 Disclaimer This document is designed to provide general information only and is not comprehensive nor is it legal advice. In providing this information, neither KeyBank nor its affiliates are acting as your agent, broker, advisor, or fiduciary, or is offering any tax, accounting, or legal advice regarding these instruments or transactions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. KeyBank does not make any warranties regarding the results obtained from the use of this information. ©2017 KeyCorp. KeyBank is Member FDIC. 170330-215135 1 1 Presenter Information David Ptasznik Sr. Product Manager Enterprise Commercial Payments group • Based in Cleveland, Ohio. • Over 20 years of payments experience with the past 14 years at KeyBank in various roles. • Certified Treasury Professional (CTP) and was the past president of the Northern Ohio AFP chapter. • Undergraduate degree from John Carroll University and MBA from Baldwin Wallace University. 2 2 Agenda and Objectives Agenda Objectives • Overview Discuss the trends, needs and • C2B Trends challenges of billers and payers in • Industry Update the bill payment space, and • Benefits to Payers and Billers current and future solutions in the • Current and Future Trends future • Discussion • Takeaways 3 3 4 4 Overview Technological advances over the past five to ten years have increased the number of electronic bill payment options for billers and consumer/business payers. We will examine the trends of the bill payment landscape, needs of billers and payers, ways to increase paper to electronic adoption, current solutions available and emerging functionality/technologies in 2017 and beyond.
    [Show full text]
  • Bill Payment Trends: Major Shifts in Consumer Behavior Require Comprehensive Planning
    A First Data White Paper Bill Payment Trends: Major Shifts in Consumer Behavior Require Comprehensive Planning There are seismic changes happening in the way people are paying their bills. Companies that create a comprehensive plan to manage through this change have opportunities to reduce costs and drive customer satisfaction. By Kathi Plymouth Vice President, Product Strategy and Innovation and Jody Martin Vice President, Financial Services Marketing © 2009 First Data Corporation. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Bill Payment Trends A First Data White Paper Introduction For nearly every business, the simple act of collecting payments from consumers is actually quite complex. Organizations want to make it easy and convenient for customers to pay, so they offer multiple choices of payment types and channels. Customers can mail a check, phone in a credit card number, pay in person with cash, directly debit a bank account, and more. However, making it easy for the consumer often makes it more complex—and costly—for the business. To further complicate the situation, there are several major trends that are changing the face of consumer bill payment. For example, a full two-thirds of all bills are expected to be paid electronically by 2012—up 20 percent from 2007—with most of the growth destined for Web and phone applications. This kind of seismic shift in customer behavior will have a significant impact on your company’s payment processing operations, and will necessitate careful planning to properly address. This paper reviews five current and predicted bill payment trends for the next five years and discusses some of the key planning parameters your company should consider to best prepare for and benefit from the changing payment landscape.
    [Show full text]
  • The Bill Payment Landscape – 2020 Updates and Future Trends
    The Bill Payment Landscape – 2020 Updates and Future Trends Abstract Each year, consumers in the United States pay trillions of dollars’ worth of bills, ranging from housing and car loans to utilities, credit cards and insurance. In 2020, the need to stay socially distant, along with the increasing number of tech-savvy consumers, has amplified the importance of quick, frictionless electronic bill payment options. While most consumers have a specific plan for paying their monthly bills, almost half say they get anxious and worry about being able to pay them on time. To help reduce some of these concerns, the payment industry has been hard at work for years to create faster and easier ways to make a payment, and these methods are being adopted by Americans, both young and old. Keeping an eye on these ever-changing bill payment options and how consumers use them is increasingly important for billing organizations as they navigate these uncertain times. New NACHA Rules go into effect in 2021 which will require action by billers that accept ACH bill payments via WEB authorization channels to explicitly include “account validation” as part of the rule definition of a “commercially reasonable fraudulent transaction detection system” and a new requirement to protect deposit account information by rendering it unreadable when it is stored electronically January 2021 The Bill Payment Landscape – 2020 Updates and Future Trends A Clearwater Payments White Paper - January 2021 The Evolution of Payments Where once paying a bill was synonymous with writing a check or standing in line to pay in person, today’s consumers can simply pull up a website or whip out their smartphones.
    [Show full text]
  • Home & Mobile Banking Disclosure
    P.O. Box 330 Angwin, CA 94508 707.965.2483 707.965.0142 Fax www.silveradocu.com SILVERADO ONLINE HOME BANKING, BILL PAY AND MOBILE BANKING ELECTRONIC FUNDS TRANSFER DISCLOSURE AND AGREEMENT This Silverado Online Home Banking, Bill Pay and Mobile Banking Electronic Funds Transfer Disclosure and Agreement, as amended from time to time (“Agreement”), sets forth the terms and conditions governing the use of Silverado Credit Union’s: A) Silverado Online Home Banking service; B) Bill Pay service; and C) Mobile Banking service. Please read this Agreement completely and retain it with your personal records. By using, or allowing another person to use, the Silverado Online Home Banking, Bill Pay or Mobile Banking services offered by Silverado Credit Union, you are agreeing to be bound by the terms and conditions of this Agreement. In this Agreement, the terms “you” and “your(s)” refer to the Member, and the terms “we”, “us”, “our(s)” and “Credit Union” refer to Silverado Credit Union. ELECTRONIC DISCLOSURE OF SILVERADO ONLINE HOME BANKING, BILL PAY AND MOBILE BANKING ELECTRONIC FUNDS TRANSFER DISCLOSURE AND AGREEMENT By accessing the Silverado Online Home Banking, Bill Pay and Mobile Banking services, you acknowledge electronic receipt of the Credit Union’s Silverado Online Home Banking, Bill Pay and Mobile Banking Electronic Funds Transfer Disclosure and Agreement. You agree that you have read this Agreement in its entirety and will abide by its terms and conditions. You understand that the Credit Union will not provide you with an additional paper (non-electronic) copy of this Agreement unless you specifically request it.
    [Show full text]
  • Measuring the Costs of Retail Payment Methods
    Measuring the Costs of Retail Payment Methods By Fumiko Hayashi and William R. Keeton nformation on the costs of retail payment methods is more critical than ever to central banks concerned with the efficiency of their Inations’ payments systems. The last two decades have witnessed a dramatic shift in retail payments—all those other than large-dollar payments by wire—from paper-based methods to electronic-based payment methods. However, paper-based payment methods are still widely used in many countries, including the United States. Accurate and up-to-date information about the relative costs of paper-based and electronic payment methods would help central banks decide how hard to push for complete transition to electronic payment methods. Better cost information would also help central banks decide which electronic methods to promote, whether in the banks’ roles as providers of pay- ments services or their roles as regulators or catalysts for change. To obtain such information, a number of central banks have re- cently conducted comprehensive studies of the costs of retail payment methods. These studies have reached some common conclusions, such as that debit cards are less costly than credit cards. However, the stud- ies have reached different conclusions about the relative costs of other Fumiko Hayashi is a senior economist and William R. Keeton was an assistant vice president and economist at the Federal Reserve Bank of Kansas City. Research associ- ates Elizabeth Antonious, Jacob Schak, and Thad Sieracki helped prepare the article. This article is on the bank’s website at www.KansasCityFed.org. 37 38 FEDERAL RESERVE BANK OF KANSAS CITY payment methods, suggesting that cost rankings can depend on the specific characteristics of a country’s payments system and the scale at which a payment method is used in the country.
    [Show full text]
  • THE E-BANKING EXPERIENCE Objectives
    Overall Learning THE E-BANKING EXPERIENCE Objectives This leader’s guide is designed to accompany The E-Banking Teens will: Experience teen guide. The leader’s guide includes: learning • Understand that e-banking objectives, background information, discussion questions, encompasses many types of activities with accompanying handouts and visuals, a electronic transactions glossary, and a list of additional resources. The background • Become familiar with various types of electronic information is meant to: 1) prepare instructors before teaching fund transfers the unit and 2) be used as lecture material to cover with the • Learn about different teens. It is recommended that each teen receives a copy of the electronic fund transfer teen guide and reads it before participating in the activities cards and their features outlined in this guide. • Become familiar with a bank’s privacy policy The purpose of this unit is to educate teens about electronic • Learn how to protect their banking (e-banking). Just as technology has changed the way accounts from fraud and we are able to play music, view media, type up term papers theft and communicate, it has also changed the world of banking. Some teens may be surprised to learn that they are e-banking already! Regardless, it is important for them to be prepared for a future where banking is almost entirely electronic. BACKGROUND INFORMATION What is Electronic Banking? While the term e-banking has no official definition, it is used to describe the realm of banking that technology has opened up. For some, e-banking is a broad term that describes various forms of electronic fund transfers (EFTs) - the use of computer and electronic technology as substitutes for checks and other paper transactions.
    [Show full text]
  • Jonestown Bank and Trust Company
    ELECTRONIC FUNDS TRANSFER DISCLOSURE FOR JBT ONLINE BANKING AND JBT ONLINE BILL PAY SERVICES The following is IMPORTANT INFORMATION for our customers who have electronic fund transfers. The purpose of the Disclosure Statement is to inform you of certain rights you have under the Electronic Funds Transfer Act. Please read this carefully and keep it with your account records: The Electronic Fund Transfer Act and regulations adopted thereunder provide that we disclose pertinent information to you about electronic fund transfers to and from your account. Electronic fund transfers include, but are not limited to, automated teller machine transfers, point of sale transfers, direct deposits or withdrawals of funds, transfers initiated by telephone or Internet, and electronic bill pay. It includes all transfers resulting from debit card transactions, including those that do not involve an electronic terminal at the time of the transaction. Some of these may not be available as part of the Bank's electronic fund transfer program. I. ONLINE BANKING AND ELECTRONIC BILL PAYMENT A. ACCESSING YOUR ACCOUNT -- JBT ONLINE BANKING AND ONLINE BILL PAY SERVICES You can use JBT ONLINE BANKING SERVICE to: 1. Check the balance of your JBT account(s), 2. View account histories, 3. Transfer funds between your JBT account(s), 4. Enroll for eStatements. 5. Make stop payment requests, 6. Change your address, or 7. Make payments to your JBT loan account(s) 8. You can use JBT ONLINE BILL PAY SERVICE to pay bills from your JBT account(s). B. RECEIPT FOR TRANSACTION You will receive an on-line confirmation at the time you make a transfer between your accounts using JBT ONLINE BANKING AND ONLINE BILL PAY SERVICES.
    [Show full text]
  • Electronic Fund Transfers Disclosure and Agreement
    ELECTRONIC FUND TRANSFERS DISCLOSURE AND AGREEMENT EFFECTIVE DATE July 1, 2020 This Disclosure Supersedes All Disclosures Prior to the Effective Date Shown Here Important Document Please Read and Retain For Your Records 1 ELECTRONIC FUND TRANSFER DISCLOSURE AND AGREEMENT ELECTRONIC FUND This Electronic Fund Transfer Disclosure and Agreement "EFT" as amended from time to time “Agreement” sets forth the terms and conditions governing the use of the LBS Financial Credit Union electronic transfer services. Disclosure information that applies to all electronic services offered by LBS Financial Credit Union is given below, followed by specific disclosure information for each service. LBS Financial Credit Union may also provide remittance transfers (defined by Regulation E, subpart B, as an “electronic transfer of funds of more than $15 which is requested by a sender and sent to a designated recipient in a foreign country by a remittance transfer provider”). The terms and conditions for such electronic transfers will be disclosed to you separately when you receive those services, and may differ from the terms and conditions disclosed herein. As applicable, and to the extent not in conflict with such separately provided disclosures, the terms and conditions herein shall apply to remittance transfers that also meet the definition of an “electronic fund transfer” under Regulation E, subpart A. This Agreement takes the place of all prior agreements and disclosures governing the use of all electronic services. By retaining, using, or allowing others to use the electronic services offered by LBS Financial Credit Union, you are agreeing to be bound by the terms and conditions of this Agreement.
    [Show full text]