Educational institutions to resort to NACHA’s SVP

The University of Georgia followed by two other Georgia schools, Georgia Tech and Columbus State University, as well as the University of North Carolina will be apparently accepting tuition fees via NACHA’s Secure Vault Payment (SVP) system.

Southeastern schools were chosen as the largest bank to participate so far in SVP, Synovus Financial, is based in Columbus, Ga. Synovus that includes 39 institutions will both authenticate its own online-banking customers and sponsor merchants into the SVP network as part of an 18-month pilot program NACHA launched this spring.

When a customer chooses this payment option at checkout he/she is redirected to a log-in page for his/her online-banking program. After the authentication of the customer he/she is presented with a payment page summarizing the details of his/her purchase or bill payment. If the transaction is authorized the customer is directed back to the merchant’s site and the switch instructs the merchant that it has good funds and can ship merchandise.