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Cambridge Trust Company Joins The Secure Vault Payments Network: New Payment Method Allows For More Secure Online Transactions
Tuesday, October 05, 2010
CAMBRIDGE, Massachusetts (October 5, 2010) – Cambridge Trust Company announced today they joined the Secure Vault Payments (SVP) network and now offer SVP to their merchant customers. Personal banking customers can also use the Secure Vault Payments method whenever it is available.
Secure Vault Payments is a safe, secure and private online payment network developed by NACHA — The Electronic Payments Association® and eWise, a provider of online payment & personal financial management solutions.
“Cambridge Trust is excited to be at the forefront of this new electronic payment solution,” said Lynne Burrow, EVP & Chief Information Officer at Cambridge Trust. “We believe both our merchants and our consumer banking customers will find great value in its security and ease of use.”
SVP is the only online payment system designed specifically for the unique security and convenience requirements of online payments and ecommerce. SVP brings value to consumers, financial institutions, merchants and billers in a closed loop payment chain.
- For consumers, SVP is an easy, fast and secure way to make payments or shop online by leveraging their current online banking accounts to make immediate payments without enrolling, registering or sharing any account information.
- For merchants & billers, SVP provides real-time authorization with guaranteed payment of ACH transactions at costs typically more cost-effective than existing solutions while lowering risk.
- For financial institutions, SVP provides an added measure of consumer protection, encourages the use of online banking and adds a new revenue stream while leveraging the bank’s existing online banking infrastructure.
“We’re pleased that Cambridge Trust recognizes the value SVP brings to their business and consumer clients, complementing their already extensive product offerings,” said Richard Brierley-Jones, Executive Vice President, eWise. “Cambridge Trust is an important addition to the SVP network as we continue to grow in the northeast market.”
For more information on Secure Vault Payments, visit www.cambridgetrust.com/SVP.
About Cambridge Bancorp:
Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 120-year-old Massachusetts chartered commercial bank with $1.1 billion in total assets and eleven Massachusetts locations in Cambridge, Beacon Hill, Belmont, Concord, Lexington, Lincoln, and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $1.3 billion in client assets under management. In addition, Cambridge Trust Company of New Hampshire offers wealth management services at two New Hampshire locations, Concord and Exeter.
About Secure Vault Payments™ (SVP):
Secure Vault Payments™ enables consumers to initiate private and secure payments for purchases and bill payments through their financial institutions’ online banking platforms, using the ACH Network and eWise’s Online Banking e-Payments technology. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit). Secure Vault Payments™ is a trademarked offering of NACHA — The Electronic Payments Association. To learn more, visit http://securevaultpayments.org/.
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 a payments and online 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.
Cambridge Trust Company
SVP, Marketing Director