USA ePay announced today they will join the Secure Vault Payments (SVP) network and offer the new online payment option to their more than 40,000 clients before the end of the year.
Secure Vault Payments is a safe and secure online payment network developed by NACHA - The Electronic Payments Association and eWise, a provider of online payment and personal financial management solutions. Secure Vault Payments is the only online payment system designed specifically for the unique security and convenience requirements of online payments and ecommerce.
"We are very excited to have this new functionality for our Payment Gateway service," says Martin Drake, Vice President of Business Development at USA ePay. "Secure Vault Payments functionality will significantly enhance our offering by enabling merchants more payment options to process transactions more efficiently with reduced risk and liability."
When a consumer selects Secure Vault Payments to pay online, the consumer is automatically redirected to their own online banking relationship to select which account they will use for payment. The consumer is then automatically returned to the merchant or biller website to receive payment confirmation. During the transaction flow, financial institutions authenticate consumers and provide businesses with real-time authorization and guaranteed payment. Because consumers never share any financial account information, the merchant or biller does not have to secure or store payer account information.
"Gateways like USA ePay are a critical component to the growth of the Secure Vault Payments network," said Richard Brierley-Jones, Executive Vice President of eWise. "Knowing the value they place on security and fraud prevention, we are pleased they recognize the enhanced security Secure Vault Payments brings to their payment portfolio."