Abstract: An improved system and an associated method for entering, updating, and maintaining information relating to payees is disclosed which includes data supplied by consumers, data contained in biller invoices, and data relating to the mechanisms to be used for payment of billers. The payee information management system of the present invention maintains proprietary biller remittance information in a database which is separate from the database containing consumer/payee information which has been provided by consumers, eliminating the need to place remittance information in entries for each payee of each consumer, thereby making the consumer/payee database substantially smaller and more efficient. The payee information management system of the present invention also has a standard set of payee data which is available to send to third parties to obtain further bill payment business without requiring that proprietary biller remittance information be divulged.