NACHA – The Electronic Payments Association said it is now moving ahead with the full commercialization of its new Secure Vault Payments direct payments network.
The SVP connects participating credit unions, banks, payment gateway providers, billers and merchants through the ACH Network. End users access it through their financial institution's online banking service, which handles the authentication and confirmation of payment.
NACHA said it will govern SVP by creating, maintaining and enforcing both NACHA Operating Rules and business rules specific to SVP. As the payment switch operator, eWise will handle sales, marketing and implementation, the company said.
The SVP solution is being positioned as a competitor to operations that have taken away share of the traditional payments channel, such as PayPal, eBillMe and BillMeLater.
The SVP network was piloted at a Georgia bank-holding company and at the University of Georgia. Several online merchants and a number of banks already have signed up as users and the credit union market is being targeted as well.
NACHA said it now represents nearly 11,000 financial institutions through 18 regional payments associations and direct membership. eWise said it has operations in the United States, England, China and Australia and counts top 50 financial institutions as customers of its electronic payments solutions.
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