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Metavante to support NACHAs Secure Vault Payments

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MILWAUKEE (3/20/08)--Credit unions using Metavante payment technology can now offer their members the Secure Vault Payments option, which allows members to use their existing accounts to complete transactions online. Metavante announced Tuesday in a press release that it will begin processing and settling transactions for NACHA’s Secure Vault Payments. The automated clearinghouse-based Internet payments system allows users to conduct e-commerce and bill payment transactions without sharing personal or account information online. The company created an authorization and settlement solution designed to work with the Secure Vault Payments switch. Through the solution, it authorizes, processes and routes transactions, supporting the life cycle between financial institution online banking providers and merchants’ financial institutions. “Secure Vault Payments puts data protection and authentication in the secure and capable hands of banks and credit unions,” said Jeff Lewis, Metavante division president. “While financial institutions welcome the relationship-building opportunity, it would be challenging for many community and regional-sized financial institutions to develop the solution in-house.”