Via the SVP payment method, developed by NACHA - the Electronic Payments Association and global provider of online payments eWise, students initiate payments on a college or university website. Afterwards, they are automatically redirected to their own financial institution’s online banking platform to select which account they wish to use for payment. Students are then returned to the school’s site, where they receive payment confirmation.
Nevertheless, due to the fact that no financial account information of the students is shared, schools are not required to store student account information.
NACHA is the governing body for SVP, creating, maintaining and enforcing the use of SVP through the NACHA Operating Rules and business rules specific to SVP. eWise acts as the switch operator and technology provider, overseeing all sales, marketing and implementation activities for the development of the SVP network.
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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