eps (electronic payment standard), sometimes known as eps-ÜBERWEISUNG, is an online payment transfer system available in Austria. It was developed by the Austrian Banks and Government jointly, and offers real-time bank transfers.
Because eps uses real-time transitions, merchants get instant confirmation of the payment, so there is no delay to processing the purchase for the customer.
It works with the initiative of the customer to ‘push’ money from their bank to the bank of the seller.
It is currently only available to people paying with an Austrian bank who has the facility for eps. The payment has links with the German payment method, Giropay.