HERNDON, Va. – NACHA, The Electronic Payments Association, will test online transactions in a pilot that requires consumers to authenticate their own financial institutions, and initiate private, secure electronic payments via their financial institutions' online banking Web sites. "As a result of the recent FFIEC guidance on authentication, financial institutions will be making their ability to authenticate their customers online more robust," said Rick Burke, vice chairman of NACHA's board, and senior vice president of Commerce Bank in Cherry Hill, New Jersey. "The NACHA Board decided that the time is right to look at this capability as a business opportunity instead of just as an additional expense." In the pilot, a consumer would choose to complete an online transaction at a Web site using this authentication and payment method. The consumer would then be re-directed via a secure network to their financial institution's online banking Web site, where they would log in using existing log-in procedures. Once securely within the financial institution's Web site, the consumer would confirm the details of the transaction and authorize payment. Because the consumer authorizes payment via their own financial institution, they do not provide financial account information to the business or a third-party. NACHA is using the pilot to evaluate the potential markets of new online transactions enabled by the privacy and other features, evaluate the structure and level of fees that would best result in adoption, and determine the costs, benefits and net economic impact to participants.