Two more banks have signed up for Secure Vault Payments, according to eWise Systems USA Inc., the Denver-based company working with NACHA, the electronic payments association, to offer the technology.
Meridian Bank, a commercial bank based in Paoli, Penn., and Arizona's Metro Phoenix Bank, which specializes in commercial and real estate accounts, will sponsor merchants and ISOs that accept Secure Vault Payments, according to eWise.
When consumers click on a Secure Vault Payments button on a retailer’s website, a switch takes them to their own bank’s Web page to complete the transaction over the automated clearinghouse network. After they make the payment on their bank’s site, the system takes them back to the merchant’s site for confirmation. The process does not expose the consumer’s personal information to the retailer.
The payment method may become available to 17 million consumers before the end of this month and to 50 million by year’s end, eWise says.
