Avidia Bank today announced its participation in the Secure Vault Payments network and now offers the online payment option to its commercial banking clients.
Online consumer banking customers can also use Secure Vault Payments to shop or pay bills online wherever it is offered as a payment option.
Secure Vault Payments is a fast, safe and secure online payment network developed by NACHA - The Electronic Payments Association and eWise, a provider of online payment and personal financial management solutions.
"We understand that payment channels are evolving quickly and to remain relevant it is imperative that Avidia Bank keep pace," said Robert Conery, Chief Operating Officer and Senior Vice President of Avidia Bank. "Secure Vault Payments provides us with a unique opportunity to provide a new and affordable payment channel to both our consumer and commercial customers that leverages our existing infrastructure."
As the only online payment system designed specifically for the unique security and convenience requirements of online payments and e-commerce, Secure Vault Payments brings value to all stake holders in the payment chain. Consumers initiate payments on a merchant or biller's web site and are automatically redirected to their own financial institution's online banking platform for authentication and 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, without ever having to enroll, register or share any financial account information with the merchant or biller.
Secure Vault Payments is the only online payment option that provides businesses with real-time authorization and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods.
"We're pleased to welcome Avidia Bank to the Secure Vault Payments Network," said Richard Brierley-Jones, Executive Vice President, eWise. "As a community bank with a progressive and innovative reputation, the next evolution of online payments is a perfect complement to their product portfolio."