After piloting an online payment network that it says guards against potential identity theft, JetPay LLC will be providing that same platform, Secure Vault Payments, to its own clients.
The Carrollton, Texas-based payment service provider said it was the first e-commerce processor to join the Secure Vault Payments network along with its client, Apple Vacations.
When completing an online purchase or bill payment, a consumer selects Secure Vault Payments as the payment option and is automatically redirected to his online bank.
After authenticating with his financial institution, the consumer selects the account from which to make the payment and is redirected back to the merchant or biller to receive confirmation of payment. Because the consumer never enters or shares personal account information, the merchant or biller does not have to secure or store any financial data.
NACHA, the Herndon, Va.-based electronic payments association, and eWise created Secure Vault Payments Systems Ltd., an online payment and personal financial management company.