NACHA – The Electronic Payments Association
announced today that Secure Vault Payments is now a live alternative
payment option. The Automated Clearing House (ACH)-based Internet
payments network allows consumers to conduct e-commerce and bill payment
transactions without sharing personal account information.
Columbus Bank and Trust Company, a Synovus bank, was the sponsoring and
authorizing bank for the first live transactions originated through
consumer purchases at igourmet.com, a leading online retailer.
“Secure Vault Payments shows that the
financial services industry can develop the next-generation of payment
solutions on the structure of existing bank platforms,”
said Lee Lee James, vice chairman and chief people officer of Synovus. “We
believe that Secure Vault Payments is positioned to become a turning
point in the evolution of the payment industry and a frontrunner in the
alternative payment market.”
Spencer Chesman, igourmet.com founder and CEO, added, “Our
philosophy is to capitalize on the power of the Internet to help us
offer our customers unparalleled levels of quality, convenience,
accessibility and service. In keeping with that philosophy, we are
excited to offer Secure Vault Payments as an alternative payment option.
We believe it provides real value during checkout for our customers.”
Secure Vault Payments is the only alternative payment option that
operates on existing financial institution platforms, provides
businesses with real-time payment authorization, and offers consumers an
online payment choice without sharing any personal account information.
Secure Vault Payments™ (SVP)
Secure Vault Payments™ enables consumers to
initiate private and secure payments for purchases and bill payments
through their financial institutions’ online
banking platforms, using the ACH Network and eWise Systems Payment
Switching technology. Financial institutions authenticate consumers and
provide businesses with real-time authorization and confirmation of
payment (ACH credit). Secure Vault Payments™
is a trademarked product of NACHA—The
Electronic Payments Association. To learn more, visit http://securevaultpayments.org/.
NACHA—The Electronic Payments
Association
NACHA—The Electronic Payments Association is
a not-for-profit association that oversees the Automated Clearing
House (ACH) Network, one of the largest electronic payment networks in
the world. More than 18 billion ACH payments were exchanged in 2007. NACHA
is responsible for the administration, development, and enforcement of
the NACHA Operating Rules and sound risk management practices for
the ACH Network. Through its industry councils and forums, NACHA brings
together hundreds of diverse payments system stakeholder
organizations to enable the development of new network services and
applications. NACHA represents more than 11,000 financial
institutions through direct membership and 19 regional payments
associations. NACHA and its members provide education, tools, and
resources to increase the adoption of ACH payments to benefit
businesses, consumers, and governments. To learn more, visit www.nacha.org
and www.electronicpayments.org.
eWise Systems
eWise Systems is partnering with NACHA to provide the Secure Vault
Payments network, utilizing its online payments switch technology and
account management services. eWise has operations in the USA, Europe and
Australia and is rapidly expanding into growth markets, including China.
eWise banking customers include a number of the global top 100 banks.
For further information, please visit: www.ewisesystems.com
Synovus
Synovus (NYSE: SNV) is a financial services holding company with
approximately $33 billion in assets based in Columbus, Georgia. Synovus
provides commercial and retail banking, as well as investment services,
to customers through 36 banks, 440 ATMs, and other Synovus offices in
Georgia, Alabama, South Carolina, Florida and Tennessee. The company
focuses on its unique decentralized customer delivery model, position in
high-growth Southeast markets and commitment to being a great place to
work to ensure the delivery of unparalleled customer experiences. See
Synovus on the web at www.synovus.com.
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