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Secure Vault Payments, which lets consumers spend at online merchants without disclosing their bank account details, is expanding into more financial institutions through a deal with the vendor Jwaala.
August 17
The online payment provider eLayaway Inc. said on Monday that it would join the Secure Vault Payments network and offer the service to its customers in the fourth quarter.
Secure Vault Payments is designed for online payments and ecommerce and allows consumers to make payments without sharing account information with the recipient.
Secure Vault Payments was developed by Nacha, the electronic payments association, and the online payment and personal financial management technology provider eWise Group Inc. It also provides real-time authorization with guaranteed payment of automated clearing house transactions for merchants in addition to encouraging the use of online banking, according to a press release.
