U.S. Bank to Implement Online Payment System Leveraging ACH Transfers
Nov. 8, 2010
U.S. Bank announced it will become the first major U.S. bank to implement Secure Vault Payments (SVP), an alternative online payment method that leverages ACH payments. With SVP, consumers initiate payments on a merchant or biller’s web site and are automatically redirected to their own financial institution’s online banking platform to select which account they wish to use for payment. Consumers are then returned to the merchant or biller’s site, where they receive a payment confirmation. “Launching Secure Vault Payments allows U.S. Bank to give our business customers a cost-effective, low risk option to accept online payments, while also offering our consumer banking customers one of the safest ways to pay online,” said Jeff Jones, executive vice president for treasury management at U.S. Bank. “It’s a win-win for everyone in the payment chain.” The SVP switch technology that transfers users between the biller’s site and the financial institution’s site is built on the Online Banking ePayments (OBeP) platform of eWise. As the exclusive network provider for SVP, Denver-based eWise serves as the primary contact for network participation and operation.