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Secure Vault Payments Offers Consumers a New Way to Pay Online

CORRECTION...by NACHA
HERNDON, Va.--(www.AllPayNews.com)--Headline of release should read: NACHA Launches Secure Vault Payments Pilot (sted NACHA Launches New Online Alternative Payment Network).

First graph, first sentence of release should read: NACHA – The Electronic Payments Association announced today that Secure Vault Payments is now a live pilot program to test online consumer purchases and bill payments. (sted NACHA – The Electronic Payments Association announced today that Secure Vault Payments is now a live alternative payment option.).

Fifth graph, first sentence of release should read: Secure Vault Payments is the only payment option...(sted Secure Vault Payments is the only alternative payment option...).

The corrected release reads:

NACHA LAUNCHES SECURE VAULT PAYMENTS PILOT

Secure Vault Payments Offers Consumers a New Way to Pay Online

NACHA – The Electronic Payments Association announced today that Secure Vault Payments is now a live pilot program to test online consumer purchases and bill payments. The Automated Clearing House (ACH)-based Internet payments network allows consumers to conduct e-commerce and bill payment transactions without sharing personal account information.

Columbus Bank and Trust Company, a Synovus bank, was the sponsoring and authorizing bank for the first live transactions originated through consumer purchases at igourmet.com, a leading online retailer.

“Secure Vault Payments shows that the financial services industry can develop the next-generation of payment solutions on the structure of existing bank platforms,” said Lee Lee James, vice chairman and chief people officer of Synovus. “We believe that Secure Vault Payments is positioned to become a turning point in the evolution of the payment industry and a frontrunner in the alternative payment market.”

Spencer Chesman, igourmet.com founder and CEO, added, “Our philosophy is to capitalize on the power of the Internet to help us offer our customers unparalleled levels of quality, convenience, accessibility and service. In keeping with that philosophy, we are excited to offer Secure Vault Payments as an alternative payment option. We believe it provides real value during checkout for our customers.”

Secure Vault Payments is the only payment option that operates on existing financial institution platforms, provides businesses with real-time payment authorization, and offers consumers an online payment choice without sharing any personal account information.

Secure Vault Payments™ (SVP)

Secure Vault Payments™ enables consumers to initiate private and secure payments for purchases and bill payments through their financial institutions’ online banking platforms, using the ACH Network and eWise Systems Payment Switching technology. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit). Secure Vault Payments™ is a trademarked product of NACHA—The Electronic Payments Association. To learn more, visit http://securevaultpayments.org/.

NACHA—The Electronic Payments Association

NACHA—The Electronic Payments Association is a not-for-profit association that oversees the Automated Clearing House (ACH) Network, one of the largest electronic payment networks in the world. More than 18 billion ACH payments were exchanged in 2007. NACHA is responsible for the administration, development, and enforcement of the NACHA Operating Rules and sound risk management practices for the ACH Network. Through its industry councils and forums, NACHA brings together hundreds of diverse payments system stakeholder organizations to enable the development of new network services and applications. NACHA represents more than 11,000 financial institutions through direct membership and 19 regional payments associations. NACHA and its members provide education, tools, and resources to increase the adoption of ACH payments to benefit businesses, consumers, and governments. To learn more, visit www.nacha.org and www.electronicpayments.org.

eWise Systems

eWise Systems is partnering with NACHA to provide the Secure Vault Payments network, utilizing its online payments switch technology and account management services. eWise has operations in the USA, Europe and Australia and is rapidly expanding into growth markets, including China. eWise banking customers include a number of the global top 100 banks. For further information, please visit: www.ewisesystems.com

Synovus

Synovus (NYSE: SNV) is a financial services holding company with approximately $33 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 36 banks, 440 ATMs, and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure the delivery of unparalleled customer experiences. See Synovus on the web at www.synovus.com.

Contacts
NACHA
Staff Contact
Samantha Carrier, 703-561-3967
scarrier@nacha.org
or
Media Contact
Donna Schwartze, 314-330-3488
donnaschwartze@kc.rr.com