Transactions without sharing any personal account information

The Electronic Payments Association NACHA launched Secure Vault Payments pilot program. This online payments network based on the Automated Clearing House (ACH)-give the customers an advantage to implement electronic and bill payment transactions without sharing personal account information.

First live transactions were made at igourmet.com, a leading online retailer. Synovus, a financial services holding company with approximately $33 billion in assets based in Columbus, Georgia, played a role of the sponsoring and authorizing bank.

"Secure Vault Payments shows that the financial services industry can develop the next-generation of payment solutions on the structure of existing bank platforms," said Lee Lee James, vice chairman and chief people officer of Synovus. "We believe that Secure Vault Payments is positioned to become a turning point in the evolution of the payment industry and a frontrunner in the alternative payment market."

Spencer Chesman, igourmet.com founder and CEO, added, "Our philosophy is to capitalize on the power of the Internet to help us offer our customers unparalleled levels of quality, convenience, accessibility and service. In keeping with that philosophy, we are excited to offer Secure Vault Payments as an alternative payment option. We believe it provides real value during checkout for our customers."

By means of Secure Vault Payments program people may make different kind of transactions via online platforms of the financial agencies they use. It is a unique system working on real banks platforms and ensuring customers' transactions with no personal account information disclosure. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit).