Twenty selected nominees will become the founding members of the council, including financial institutions, merchants, billers and gateway service companies. All council members are likely to be nominated by 15 April 2011 and are expected to serve for an annual term.
Secure Vault Payments enables consumers to make payments for purchases and bill payments via their financial institutions’ online banking platforms, using the ACH network and eWise’s online banking e-Payments technology. The online payments network allows consumers to carry out online transactions without sharing personal account details with merchants.
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.
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