Minneapolis-based U.S. Bank plans to provide a secure online payment option for student tuition payments and related education fees for students attending the University of Wisconsin-Stout, Wisconsin’s Polytechnic University.
With Secure Vault Payments, students or their parents initiate payments on a college or university Web site and are automatically redirected to their own financial institution’s online banking platform to select which account they wish to use for payment. They are then returned to the school’s site, where they receive payment confirmation.
Secure Vault was developed by NACHA– the Electronic Payments Association–in an effort to reduce paper checks and increase use of the ACH Network.
Financial institutions authenticate the payer and provide schools with real-time authorization and confirmation of payment. Because the payer doesn’t share any financial account information, there is no need for the schools to store the payer’s account information.
SVP is “an online payment option that gives students and their parents a safe, familiar environment that is offered through a trusted source, their financial institution,” said Eric Lim, senior product manager at U.S. Bank. “And with the real-time authorization of funds on ACH payments, it can also help University of Wisconsin-Stout reduce its payment processing costs.”