US Bank, the fifth largest bank in the US, will soon implement NACHA’s Secure Vault Payments (SVP), a new breed of online payment that provides businesses and consumers with a secure and cost-effective electronic automated clearing house (ACH) payment platform.
SVP links consumers to their financial institutions through merchants and billers, providing value to all stakeholders in the payment chain. It gives businesses the only online payment option that provides real-time authorisation of funds and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods.
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.
Through this process, financial institutions authenticate consumers and provide businesses with real-time authorisation and confirmation of payment. Consumers benefit by not having to share any financial account information with the merchant or biller, and billers benefit from not having to securely store payer account information.
“Launching Secure Vault Payments allows US 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 US Bank. “It’s a win-win for everyone in the payment chain.”
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