MINNEAPOLIS, Nov 08, 2011 (BUSINESS WIRE) — U.S. Bank announced today the successful implementation of Secure Vault Payments (SVP) with FamilySearch International, the world's largest genealogy organization, for online donations. FamilySearch patrons can now choose Secure Vault Payments to make an online donation using a consumer online bank account at U.S. Bank or at any Secure Vault Payments-enabled financial institution.
With SVP, FamilySearch.org visitors can initiate online donations and are automatically redirected to their own participating financial institution's online banking platform to confirm their balance and select the account they wish to use for payment. They are then returned to FamilySearch.org, where they receive payment confirmation.
Financial institutions authenticate the payer and provide FamilySearch with real-time authorization and confirmation of payment. Because the payer doesn't share any financial account information, there is no need for FamilySearch to handle or store the payer's account information.
"FamilySearch is enthusiastic about the integration of the SVP pilot project into its online donation process," said Ransom Love, senior vice president of strategic relations for FamilySearch. "SVP provides a step into the future of e-donations for FamilySearch because it significantly lowers any costs or risks associated with financial e-transactions. Our e-donation customers will appreciate not having to disclose their bank account information online when making a charitable contribution — a benefit provided through SVP's technology."
"U.S. Bank is committed to providing innovative solutions that help organizations increase the efficiency of their payment collections and support their customers' satisfaction with the payment process," said Jeff Jones, executive vice president for U.S. Bank Global Treasury Management. "Secure Vault Payments provides distinct benefits that resonate with the needs of nonprofit organizations as well as higher education institutions and government entities to decrease costs while addressing the needs and preferences of the consumer."
In addition to sponsoring FamilySearch International into the Secure Vault Payments network, U.S. Bank is scheduled to implement SVP for additional organizations in the next few months. For a list of financial institutions, merchants and billers offering SVP as a consumer online payment option, visit www.securevaultpayments.org.
Secure Vault Payments was developed by NACHA — The Electronic Payments Association in an effort to reduce paper checks and increase use of the ACH Network. The Secure Vault Payments technology that transfers users between the biller's site and the financial institution's site is provided by eWise, the exclusive network provider for Secure Vault Payments.
FamilySearch International is the largest genealogy organization in the world. Millions of people use FamilySearch records, resources, and services to learn more about their family history. To help in this great pursuit, FamilySearch has been actively gathering, preserving, and sharing genealogical records worldwide for over 100 years. FamilySearch is a volunteer-driven, nonprofit organization sponsored by The Church of Jesus Christ of Latter-day Saints. Patrons may access FamilySearch services and resources free online at FamilySearch.org or through over 4,600 family history centers in 126 countries, including the main Family History Library in Salt Lake City, Utah.
NACHA — The Electronic Payments Association
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network serves as a safe, secure, reliable network for direct consumer, business, and government payments, and annually facilitates billions of payments such as Direct Deposit and Direct Payment. Utilized by all types of financial institutions, the ACH Network is governed by the NACHA Operating Rules, a set of fair and equitable rules that guide risk management and create certainty for all participants. As a not-for-profit association, NACHA represents nearly 11,000 financial institutions via 17 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to enable innovation that strengthens the industry with creative payment solutions. To learn more, visit www.nacha.org and www.securevaultpayments.org.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.