Digitaltransactions.net writes that a startup, Metafos Inc., which formed only 18 months ago, is talking to banks and online retailers about a product it is working on that will allow consumers to pay Internet merchants through their online-banking programs—a concept also being pursued by NACHA, the rules-setting body for the automated clearing house network.

As with NACHA’s system, the Metafos product will depend on banks to authenticate their customers through online-banking logins. In both systems, the customer selects the payment method at the merchant’s checkout page, then uses her online banking program to authorize payment out of her checking account. In both systems, funds are guaranteed to the merchant and settled through the ACH.