The long-awaited launch of Secure Vault Payments takes flight as US Bank announces their partnership with SVP, which offers the opportunity to stitch together the needs of both billers and payers within this bank’s strong regional footprint.
Gaining the validation of a institution like US Bank should provide an early boost to SVP’s business development efforts and puts one more alternative payment method in the mix, albeit a solution developed from within the industry itself.
SVP links consumers to their financial institutions through merchants and billers, providing value to all stakeholders in the payment chain. It gives businesses the only online payment option that provides real-time authorization of funds and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods.
With SVP, consumers initiate payments on a merchant or biller’s 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.