Full Form of ECS
The full form of ECS is the Electronic Clearing System.
|Electronic Clearing System
What is ECS
The electronic clearing system or electronic clearing service (ECS) is a service offered by many banks, which facilitates paperless credit / debit transactions directly linked to your account and also provides a faster method of periodic and repetitive payments.We all use the electronic compensation system (ECS). It is a service that your bank provides when you need to transfer funds from one bank account to another electronically.
Benifits of ECS
- Maximize customer satisfaction
- Minimize the use of paper
- No late fees
- Punctual payment of bills
- Make it easy for customers to pay their essential utility bills such as electricity bills, mobile phone bills, phone bills, etc.
- It also makes it easy for clients to pay for mutual funds, insurance premiums, credit card payments, loan installments, etc. of this service.
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