Metavante to process and settle Nacha Secure Vault Payments

Source: Metavante

Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that it will process and settle transactions for NACHA's Secure Vault Payments.

This automated clearing house (ACH)-based Internet payments system allows consumers to conduct e-commerce and bill payment transactions without sharing personal or account information online.

Demonstrating its commitment to emerging payment options, Metavante created an authorization and settlement solution designed to work with the Secure Vault Payments switch. Through this solution, Metavante authorizes, processes and routes Secure Vault Payments transactions, supporting the transaction life cycle between consumers' financial institution online banking providers and merchants' financial institutions. As a result, banks and credit unions can offer consumers the Secure Vault Payments option in a cost-effective and timely deployment. Metavante delivers its Secure Vault Payments solution in an "open market" format, meaning all financial institutions, including those without existing Metavante relationships, can use this service.

Secure Vault Payments offers consumers a new way to pay online, without sharing their credit or debit card information. It keeps personal and account information with the bank or credit union, which are consumers' trusted guardians of financial data. By extending financial institution-grade authentication data security to e-commerce transactions, Secure Vault Payments has the potential to bring new consumers into the realm of online payments — creating new revenue opportunities for financial institutions.

"Nearly half of all consumers have concerns about data theft, and many people avoid online shopping and bill payment for this reason. People don't like revealing financial information to an unknown third party, and many shoppers are uneasy about sharing their private data on the Web," said Elliott C. McEntee, president and chief executive officer, NACHA. "Secure Vault Payments alleviates these concerns, allowing more consumers to become comfortable with e-commerce, creating the potential for new transactions, and generating new rrevenue at financial institutions."

Secure Vault Payments requires no consumer enrollment and allows customers to use their existing bank or credit union account to complete transactions online. Consumers using Secure Vault Payments need only a log-in to their financial institution's online banking service.

"Secure Vault Payments puts data protection and authentication in the very secure and capable hands of banks and credit unions. 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," said Jeff Lewis, division president, Metavante ePayments Solutions. "By developing a Secure Vault Payments-enabling solution, Metavante has created mass market opportunity around a new payments option with little start-up costs for the financial institution and the possibility to derive new fee revenue. It's the kind of value proposition Metavante strives to deliver."

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