Secure Vault Payments Gaining Traction in Southeastern Colleges and Universities for Online Tuition Payments

DENVER--(BUSINESS WIRE)--eWise, a global provider of online payments and personal financial management solutions, today announced that Auburn University and Columbus State University have joined the University of Georgia in accepting Secure Vault Payments^TM (SVP) for tuition payments.

“We are pleased to welcome Auburn University and Columbus State University to the network and expect them to mirror the success of UGA.”

eWise is partnering with NACHA - The Electronic Payments Association, to provide the Secure Vault Payments network linking consumers, financial institutions, merchants and billers, providing value to all stakeholders in the payment chain. It gives schools the only online payment option that provides real-time authorization of funds and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods.

With Secure Vault Payments, students 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. Students are then returned to the school’s site, where they receive payment confirmation.

Financial institutions authenticate students and provide schools with real-time authorization and confirmation of payment. Because students don’t share any financial account information, there is no need for the schools to store student account information.

The University of Georgia, one of the first to join the network, has been recognized by the University of Georgia Regents with the Silver Award for Improvement Initiative. The Southern Association of College and University Business Officers has also selected UGA as a finalist for their 2010 Best Practices award for their implementation of Secure Vault Payments.

“Secure Vault Payments is a great solution for us,” said Lisa McCleary, bursar, University of Georgia. “SVP is a smarter electronic payment option that lowers our risk, allows us to receive money faster, and helps us keep costly and wasteful paper out of our system.” Since implementing SVP, UGA has seen strong utilization rates among enabled students with 17% using SVP to pay their tuition and 48% using SVP more than 5 times.

“Industry led Online Banking ePayments networks, like Secure Vault Payments, and their use are proliferating around the world and we believe they add tremendous value to educational institutions who continue to feel budget constraints while looking for ways to improve services to students,” said Richard Brierley-Jones, Executive Vice President of eWise. “We are pleased to welcome Auburn University and Columbus State University to the network and expect them to mirror the success of UGA.”

Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, was the first bank to join the Secure Vault Payments network during the pilot phase and is the sponsoring bank for the University of Georgia, Auburn University and Columbus State University.

TouchNet Information Systems, a technology leader for higher education, has implemented Secure Vault Payments into its platform, streamlining the installation process for its clients. The University of Georgia, Auburn University and Columbus State University use TouchNet’s ecommerce management solutions.

About eWise

eWise is partnering with NACHA to provide the Secure Vault Payments network, utilizing its Online Banking ePayments (OBeP) technology and account management services. eWise is an online payments and personal financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in US, UK, China and Australia support some of the world’s top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.

About NACHA—The Electronic Payments Association

NACHA—The Electronic Payments Association is a not-for-profit association that oversees the Automated Clearing House (ACH) Network, one of the largest electronic payment networks in the world. More than 18 billion ACH payments were exchanged in 2007. NACHA is responsible for the administration, development, and enforcement of the NACHA Operating Rules and sound risk management practices for the ACH Network. Through its industry councils and forums, NACHA brings together hundreds of diverse payments system stakeholder organizations to enable the development of new network services and applications. NACHA represents more than 11,000 financial institutions through direct membership and 19 regional payments associations. NACHA and its members provide education, tools, and resources to increase the adoption of ACH payments to benefit businesses, consumers, and governments. To learn more, visit www.nacha.org and www.securevaultpayments.org.