The online ACH-payment alternative backed by NACHA – Secure Vault Payments – has landed its first processing/settlement partner in Metavante. The SVP service, first proposed in 2005, will shuttle payments and bill pays between consumers and merchants without exposing users’ financial credentials. By getting Metavante on board, SVP gains a secure gateway between the consumer’s and online merchant’s banks – giving the buyer a shield for his or her account information, and the merchant a cheaper ACH-based transaction channel. NACHA proposed SVP as an additional cash management tool for banks to offer client treasurers and procurement officials.
A Metavante release didn’t disclose when its SVP service will be available. Secure Vaults Payment is still in pilot status with Synovus Financial.
