Nacha, the electronic payments association, announced that Columbus Bank and Trust Co. has processed its first automated clearing house transactions in a test of Nacha's Secure Vault Payments system for e-commerce.
The Herndon, Va., organization said Monday that CB&T, the primary banking unit of Synovus Financial Corp., made the payments on behalf of customers making purchases at igourmet.com., an online retailer.
Secure Vault Payments lets consumers use the ACH network for purchases by routing them to their online banking sites during the checkout process. It offers e-commerce merchants a lower rate than card interchange fees — 1.35% of the transaction value, with a minimum of 10 cents, during the test — and gives consumers an online payment choice that does not require them to share personal data with merchants.
