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Online Payments

eWise, Affirmative Technologies team up for integration of SVP service

Friday 17 June 2011 | 10:45 AM CET

US-based provider of online payments and online financial management services eWise has entered a partnership with Affirmative Technologies, a US technology provider to the electronic payments industry, for the adoption of the new payment alternatives for merchants, financial institutions and billers.

Under the terms of the agreement, Affirmative Technologies’ ACHNow and ACH Risk Manager services are set to be integrated with Secure Vault Payments, made available through a partnership between eWise and NACHA– the Electronic Payments Association.

ACHNow is a merchant electronic payment data entry and consumer initiated payment presentment application that electronically submits transactions for payment through the ACH Network. ACH Risk Manager is a ACH File Risk Management application designed to manage risk factors affecting financial institutions’ daily ACH operations.

Via the SVP payment method, 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 through the NACHA Operating Rules and business rules specific to SVP. eWise acts as the switch operator and technology provider and leverages all sales, marketing and implementation activities for the development of the SVP network.

In recent news , eWise has raised USD 14 million in financing round from venture capital firm Wellington Partners.

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