Online bill payment can be defined as paying bills on the Internet via a bank account. There are three parties involved in this transaction- the payor, the bank and the payee. The bill can thus be paid from either the website of the bank or from the website of the company, institution or organization whose bill is being paid.There is a fourth party that has entered this matrix: websites that offer websites that offer financial management toolsfinancial management tools that specifically cater to a person’s financial needs. These sites offer to remind a person of outstanding bills that need to be paid, can manage multiple bank accounts and help the individual to make payments either at the website of the bank or payee.
