Electronic Clearing Service:

Electronic modes payment are done by ECS (debit and credit)

ECS Two Types are:

1. ECS Credit

2. ECS Debit

Electronic Clearing Service (ECS Credit):

Known as "Credit-push" facility or one-to-many facility this method is used mainly for large-value or bulk payments where the receiver’s account is credited with the payment from the institution making the payment. Such payments are made on a timely-basis like a year, half a year, etc. and used to pay salaries, dividends or commissions. Over time it has become one of the most convenient methods of making large payments.

Electronic Clearing Services (ECS Debit):

Known as many-to-one or "debit-pull" facility this method is used mainly for small value payments from consumers/ individuals to big organizations or companies. It eliminates the need for paper and instead makes the payment through banks/corporate or government departments. It facilitates individual payments like telephone bills, electricity bills, online and card payments and insurance payments. Though easy this method lacks popularity because of lack of consumer awareness.