NACHA Launches Secure Vault Payments
NACHA, the electronic payments association, has commercially launched Secure Vault Payments (SVP) following a pilot designed to assess the feasibility of SVP. Supported by eWise’s Online Banking ePayments (OBeP) platform, financial institutions, merchants, billers, payment gateway providers, and core payment processors have embraced SVP as a payment solution.
NACHA will continue to serve as the governing body for SVP, creating, maintaining, and enforcing the use of SVP through the NACHA Operating Rules and business rules specific to SVP. eWise, as the exclusive switch operator and technology provider, will oversee all sales, marketing, and implementation activities necessary to fully develop the SVP network.
“NACHA encourages ACH Network innovation with solutions like SVP that bring value to all participants,” said Janet Estep, president and chief executive officer (CEO) of NACHA. “The ongoing partnership with our technology partner eWise will make this transition into commercialisation seamless for the financial institutions and businesses currently offering SVP or looking to enrol.”