U.S. Bank announced today the successful implementation of Secure Vault Payments (SVP) with the Nebraska Child Support Payment Center for online child support payments. Non-custodial parents can now choose Secure Vault Payments (SVP) to make their child support payments from a consumer online bank account at U.S. Bank or at any SVP-enabled financial institution.
“Our overriding concern at the Nebraska Child Support Payment Center is to make sure children receive the financial support they need,” said Nebraska State Treasurer Don Stenberg. “By providing the Secure Vault Payments option, we are offering yet another secure and convenient means for non-custodial parents to stay current with their child support obligations and to make their payments on time and in full.”
More than $1 million in child support payments is processed daily at the Child Support Payment Center, a division of the Nebraska State Treasurer’s Office. Under federal law, payments to custodial parents must be disbursed within two business days of receipt of the child support.
With Secure Vault Payments, a non-custodial parent initiates the payment at the Child Support Center’s website. The parent is automatically redirected to his or her bank’s online banking platform to select the account to use for payment. The participating financial institution authenticates the payer and immediately withdraws funds from the payer’s account and then transfers funds to the Child Support Center the next business day.
SVP does not require convenience fees and allows parents to make child support payments electronically without having to share their bank routing number or bank account number with the state. To offer Secure Vault Payments as an online payment option, an organization must be sponsored into the SVP network by a SVP-enabled bank.
Secure Vault Payments was developed by NACHA — The Electronic Payments Association to reduce paper checks and increase use of the Automated Clearing House (ACH) Network. NACHA is both an industry trade association and the administrator of the ACH Network. The SVP technology that transfers users between the biller’s site and the financial institution’s site is provided by eWise, the exclusive network provider for SVP. For a list of financial institutions, merchants and billers offering SVP as a consumer online payment option, visit www.securevaultpayments.com.
As financial institutions seek ways to expand the array of products and services offered to customers, Secure Vault Payments can be a good fit, and fill an important need in some markets. Typically used in retail and education, this expansion fills a need in government and social services, and opens up new business opportunities for FIs.
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