SOUTH JORDAN, Utah, May 5, 2011 /PRNewswire/ -- Merrick Bank announced today they will join the Secure Vault Payments (SVP) network as a Merchant Financial Institution and offer SVP to their ISOs and related merchants.
Secure Vault Payments is a safe, secure and private online payment network developed by NACHA — The Electronic Payments Association® and eWise, a provider of online payment & personal financial management solutions.
"We are excited to be part of the SVP network," said Merrick's President, Richard Urrutia. "Membership will allow us to sponsor our ISOs and merchants, and allow them to offer this new and exciting payment alternative to consumers nationwide."
SVP is the only online payment system designed specifically for the unique security and convenience requirements of online payments and ecommerce. SVP brings value to consumers, financial institutions, merchants and billers in a closed loop payment chain.
- For consumers, SVP is an easy, fast and secure way to make payments or shop online by leveraging their current online banking accounts to make immediate payments without enrolling, registering or sharing any account information.
- For merchants & billers, SVP provides real-time authorization with guaranteed payment of ACH transactions at costs typically more cost-effective than existing solutions while lowering risk.
- For financial institutions, SVP provides an added measure of consumer protection, encourages the use of online banking and adds a new revenue stream while leveraging the bank's existing online banking infrastructure.
"We are pleased to announce Merrick as a valuable addition to the SVP network, " said eWise CEO Alex Grinberg. "With their expertise and reach in the ISO community, they will be able to bring the SVP payment option to thousands of merchants and consumers."
Companies interested in joining the SVP network should contact Dean Seifert, senior vice president, eWise at email@example.com. Inquiries regarding the NACHA Operating Rules or SVP business rules should be directed to NACHA.
Merrick Bank, a subsidiary of CardWorks, Inc., is a Utah Financial Institution, insured by the FDIC and founded in 1997. Merrick is a top-25 issuer and acquirer of VISA and MasterCard credit cards, and lends nationally to consumers purchasing boats and recreational vehicles.
CardWorks, Inc. is the parent company of Merrick Bank. CardWorks provides financial institutions, retailers, non-traditional card issuers, ISOs and merchants in the U.S. and Canada with a full range of world-class servicing and support solutions. CardWorks provides services for banks, financial guarantors, credit card issuers, independent sales organizations and merchants that enable them to economically pursue their own goals and objectives while meeting all service requirements.
Secure Vault Payments™ (SVP)
Secure Vault Payments™ enables consumers to initiate private and secure payments for purchases and bill payments through their financial institutions' online banking platforms, using the ACH Network and eWise's Online Banking e-Payments technology. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit). Secure Vault Payments™ is a trademarked offering of NACHA — The Electronic Payments Association. To learn more, visit http://securevaultpayments.org/.
eWise is partnering with NACHA to provide the Secure Vault Payments network, utilizing its Online Banking ePayments (OBeP) technology and account management services. eWise is a payments and online financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in US, UK, China and Australia support some of the world's top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.
SOURCE Merrick Bank