NACHA – The Electronic Payments Association said it is now moving ahead with the full commercialization of its new Secure Vault Payments direct payments network.
The SVP connects participating credit unions, banks, payment gateway providers, billers and merchants through the ACH Network. End users access it through their financial institution's online banking service, which handles the authentication and confirmation of payment.
NACHA said it will govern SVP by creating, maintaining and enforcing both NACHA Operating Rules and business rules specific to SVP. As the payment switch operator, eWise will handle sales, marketing and implementation, the company said.
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