What is EPS?
EPS is an interbank system that enables Austrian customers to make real time payments via bank transfer. EPS is accepted by all major banks in Austria.
Payments are done using the online banking environment of the customer's own bank so the user is already already familiar with the payment flow. All personal info (e.g account number, PIN) are filled only in the interaction with the customer’s bank increasing the security and acceptance among Austrian users. Furthermore no extra registration or additional software are necessary to use EPS.
The funds are instantly debited from the customer's account and the payments made using EPS cannot be reversed by the customer. Transaction history and payment details can be viewed by consumers in their own banking reports.
How does EPS work?
The first step the customer needs to do is to select the desired bank or Sparkasse and login with his online banking access data (e.g. account number and PIN/password). The next and final step is to review the payment details and confirm the transfer using a TAN (Transaction Authentication Number) generated with a token device or received by SMS. For transactions smaller than 30 EUR the TAN number might not be required.