Secure Vault Payments
The Secure Vault Payments network is a safe, secure and private online payment network
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What is Secure Vault Payments (SVP)? How does it work ?
SVP allows banks to generate, protect and regain revenue from alternative, non-card payments while leveraging current online banking infrastructure and investments. As an ODFI, receive per transaction revenue for each SVP payment, attract new DDA customers who want to use SVP for online payments and build loyalty through the online channel. A study conducted by Aspen Marketing Services found that adoption of online bill payment by online banking users, lowers customer attrition by nearly 50%. As an RDFI, receive sponsorship and transaction-based revenue for each SVP payment, attract new merchants and offer value-added opportunities to existing relationships. Every authorized SVP transaction is executed via a “real time” bank response which generates a unique authorization number and debits the amount from the customer’s account. Once the number is received by the biller or merchant, payment for the specific transaction is guaranteed regardless of what might later happen to the customer’s account balance. This is a guaranteed, “good funds” payment model as stipulated in NACHA’s Secure Vault Payments Rules. Growing fraud risk continues to threaten consumer confidence in online commerce. According to eMarketer, there are more than 80 million Internet users who do not shop or pay bills online because they are afraid their financial data may be lost or stolen. SVP restores this confidence by allowing the more than 110 million online banking users to use their trusted online banking security to make payments or purchases. Consumers never need to enroll or register to use SVP and never share their financial information with merchants. Consumers know their personally identifiable bank information stays where it belongs - in the bank.
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When the consumer is ready to check out on a website, they simply choose the SVP icon (sample at right) as their method of payment. Then they select their bank and are automatically directed to the login screen of their online banking service. Once the transaction is approved by the bank in real-time, they are redirected back to the website to complete the checkout process. The settlement process typically completes within 48 hours.
