Abstract: A method and apparatus for transferring funds online from a customer's account at a first financial institution to a beneficiary's financial institution comprises receiving transaction information comprising a beneficiary's identity, an amount to transfer to the beneficiary's account, and the beneficiary's financial institution's identity. Sending a request to the beneficiary's financial institution, said request comprising the beneficiary's identity and the amount to transfer to the beneficiary's account, and debiting the customer's account at least the amount to transfer to the beneficiary's account if the beneficiary is a customer of the beneficiary's financial institution.

Abstract: A method and apparatus for paying bills online comprising a plurality of financial institutions exchanging bill payee lists to form a master bill payee list. A first financial institution receiving a bill for its customer, the bill including a bill payee and an amount owed the bill payee by the customer. The first financial institution searching the master bill payee list to determine if the bill payee is on the master bill payee list. Debiting the customer's account if the bill payee is on the master bill payee list, and sending the amount owed to the bill payee's financial institution for depositing in the bill payee's account.