An international group of payments networks from North America and Europe are banding together to create an online-payments standard that will enable transactions directly from bank Web sites without the need to use cards or establish new accounts, a la PayPal, Google Checkout or Bill Me Later.
The International Council of Payment Networks Operators plans to meet next week to begin discussions on creating a more secure online payments option, using banks’ networks, authentication procedures, cash management and settlement operations.
Although the five networks meeting up on Sept. 22 wasn’t disclosed, the group is chaired by an executive of UK’s eWise Systems, which is partnering with NACHA-The Electronic Payments Association, on a similar online payments and billpay alternative in the U.S. (Secure Vault Payments). SVP is in its test-phase with Synovus Financial as well as with Fidelity National Information Services, allowing consumers make purchases with online merchants directly through their online banking service.
