Avidia Bank, Hudson, Mass. ($1 billion in assets), today announced its participation in the Secure Vault Payments network and now offers the online payment option to its commercial banking clients. Online consumer banking customers can also use Secure Vault Payments to shop or pay bills online wherever it is offered as a payment option.
Secure Vault Payments is an online payment network developed by NACHA and eWise, a provider of online payment and personal financial management solutions.
"We understand that payment channels are evolving quickly and to remain relevant it is imperative that Avidia Bank keep pace," said Robert Conery, chief operating officer and senior vice president of Avidia Bank. "Secure Vault Payments provides us with a unique opportunity to provide a new and affordable payment channel to both our consumer and commercial customers that leverages our existing infrastructure."
Consumers initiate Secure Vault payments on a merchant or biller's web site and are automatically redirected to their own financial institution's online banking platform for authentication and to select which account they wish to use for payment. Consumers are then returned to the merchant or biller's site, where they receive a payment confirmation, without ever having to enroll, register or share any financial account information with the merchant or biller. Secure Vault Payments provides businesses with real-time authorization and guaranteed payments for ACH transactions.