MINNEAPOLIS, Nov 03, 2010 (BUSINESS WIRE) --
U.S. Bank, the fifth largest bank in the United States, will soon become
the first major bank to implement Secure Vault PaymentsTM
(SVP), a new breed of online payment that provides businesses and
consumers with the most secure and cost-effective electronic ACH payment
available in the market today.
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 authorization 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 authorization 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 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
Secure Vault Payments was developed by NACHA-the Electronic Payments
Association, in an effort to reduce paper checks and increase use of the
ACH Network. 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, eWise serves as the primary contact for
network participation and operation.
"The ACH Network links every financial institution in the nation, and
capitalizing on that reach, SVP is well positioned to connect consumers
to merchants and billers via online banking platforms," said Janet O.
Estep, president and CEO of NACHA. "We are delighted a top five bank
like U.S. Bank recognizes the ease and security Secure Vault Payments
offers consumers, and we look forward to working with them and other
financial institutions to provide SVP to their customers."
"Industry led OBeP networks, like Secure Vault Payments, and their use
are proliferating around the world and we believe they add value to
financial institutions, merchants and billers and consumers by providing
a simple, cost effective and secure payment option specifically designed
for online payments," said Alex Grinberg, chief executive officer of
eWise. "We are very pleased to welcome U.S. Bank to the network and are
working with them to make their participation a success."
In a related news release, NACHA recently announced the conclusion of
the SVP pilot program and general availability of the SVP payment
solution. The 18-month SVP pilot included financial institutions,
merchants and billers. The University of Georgia, a participant in the
pilot, has seen 17% of enabled students using SVP to pay their tuition
and 48% of users have used SVP more than 5 times.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $291 billion in assets as of Sept. 30,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,013 banking offices in
24 states and 5,323 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
eWise is partnering with NACHA to provide the Secure Vault Payments
network, utilizing its Online Banking ePayments (OBeP) technology and
account management services. eWise is a payments and online financial
management solutions provider with a reputation for providing innovative
solutions that make transacting online easier and more secure. eWise
offices in US, UK, China and Australia support some of the world's top
50 financial institutions with solutions delivering outstanding, proven
ROI for its customers and a better online experience for millions of
end-users worldwide. For more information, visit www.ewise.com.
About NACHA--The Electronic Payments Association
NACHA supports the growth of the ACH Network by managing its
development, administration, and governance. The ACH Network facilitates
global commerce by serving as a safe, efficient, ubiquitous, and
high-quality electronic payment system. NACHA represents nearly 11,000
financial institutions through 18 regional payments associations and
direct membership. Through its industry councils and forums, NACHA
brings together payments system stakeholder organizations to encourage
the efficient utilization of the ACH Network and develop new ways to use
the Network to benefit its diverse set of participants. To learn more,
SOURCE: U.S. Bank
Jennifer Wendt, U.S. Bank Media Relations, 612-303-0731
SparkPR for eWise Media Relations
Robert Schettino, 650-274-9618