The way it works, step by step, at a high level, is that we act on behalf of the client or the consumer when they make the payment. So we act as their temporary agent to sign onto their online banking account and actually fill in all the data, those 17 steps that most people can't do anyway. We fill it all in, and then we execute the payment and get a confirmation number right there from the bank. We take that confirmation number and provide it to the biller and say that person has made the payment at their bank account today. It may take three, four, or five days to get settled, but you have real-time confirmation that this money has come out of the consumer's bank account.
Evidence of meeting #77 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was banks.
A recording is available from Parliament.