E-Payments at Forefront of Citigroup/AOL Alliance

Nowadays, if you owed a friend money, you would either pay that person in cash or write him or her a check, right?

In the near future, the whole scenario could change, based on talks between online provider America Online and banking giant Citigroup.

The two companies predict e-payment is about to become mainstream as the two work to set up a way to transfer electronic payments to individuals through online banking. Citigroup announced last month that its c2it service enables person-to-person banking, but the relationship with AOL also provides a way for Citigroup to push out the product to AOL the huge subscriber database.

Statistics indicate that by 2005, e-payment transactions may be as great as $2.2 trillion, with a projected $126 billion of that amount attributed to person-to-person transactions. The reasoning behind the surge in this kind of banking is attributed to security in that checking account transfers are more secure than credit card transactions.

You may like these other stories...

Anti Burger Kings: Seven US companies shrinking tax the old-fashioned wayBurger King’s decision to combine with Canadian donut shop Tim Hortons is renewing controversy over the lengths some US companies will go to...
Read more from Larry Perry here and in the Today's World of Audits archive.Since the AICPA's Financial Reporting Framework for Small- to Medium-sized Entities (FRF for SMEs) and some other financial reporting...
The US Securities and Exchange Commission (SEC) has chosen a former partner and vice chairman with Deloitte LLP as its new chief accountant.James Schnurr, who specialized in financial and SEC reporting for public companies...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.