According to the source, the mobile app is expected to be available on Apple, Android- and Blackberry-powered smartphones. The SVP network is set to start a pilot program of the mobile app in autumn 2011 and make the service available by the end of 2011.
The mobile app is allegedly set to be based on Quick Response (QR) bar codes to interact with users’ handsets, the source reports. As a result, users are expected to be able to pay from their checking accounts using SVP. US provider of online payments and online financial management services eWise is reportedly expected to provide the app to participating banks.
Via the SVP payment method developed by NACHA – the Electronic Payments Association, consumers can initiate payments on a merchant or biller web site and are automatically redirected to their own financial institution’s online banking platform to select which account they wish to use for payment. Consumers are then returned to the merchant or biller’s site, where they receive a payment confirmation.
NACHA is the governing body for SVP, creating, maintaining and enforcing the use of SVP via the NACHA Operating Rules and business rules specific to SVP. The SVP switch technology that transfers users between the biller’s site and the financial institution’s site is built on the Online Banking ePayments (OBeP) platform of eWise.
In September 2010 , NACHA has authorized the transition of SVP into full commercialization following a pilot designed to assess the system`s feasibility.
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