NACHA's Secure Vault Payments Goes Live with First Merchant

Columbus Bank and Trust Company, a Synovus bank, was the sponsoring and authorizing bank for the first live transactions originated through consumer purchases at igourmet.com, a leading online retailer.

“Secure Vault Payments shows that the financial services industry can develop the next-generation of payment solutions on the structure of existing bank platforms,” said Lee Lee James, vice chairman and chief people officer of Synovus. “We believe that Secure Vault Payments is positioned to become a turning point in the evolution of the payment industry and a frontrunner in the alternative payment market.”

Spencer Chesman, igourmet.com founder and CEO, added, “Our philosophy is to capitalize on the power of the Internet to help us offer our customers unparalleled levels of quality, convenience, accessibility and service. In keeping with that philosophy, we are excited to offer Secure Vault Payments as an alternative payment option. We believe it provides real value during checkout for our customers.”

Secure Vault Payments is the only alternative payment option that operates on existing financial institution platforms, provides businesses with real-time payment authorization, and offers consumers an online payment choice without sharing any personal account information.

Secure Vault Payments™ enables consumers to initiate private and secure payments for purchases and bill payments through their financial institutions’ online banking platforms, using the ACH Network and eWise Systems Payment Switching technology. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit). Secure Vault Payments™ is a trademarked product of NACHA—The Electronic Payments Association. To learn more, visit http://securevaultpayments.org/.