General Questions | Technical Questions | Security Questions
Is there a fee to join the pilot?
No, there is no participation fee however the appropriate resources must
be allocated for implementation requirements. These requirements will
vary by stakeholder.
Will there be fees collected for the pilot?
Yes, interchange fees and a network fee will
be collected for the pilot. The pilot will serve
to test the fee structure and evaluate fee levels
relative to adoption.
When will the pilot begin and how long will it
run?
It is anticipated that the pilot will begin
in early 2008. The pilot will then run for
12-18 months. Additional participants will
be accepted into the pilot during this run
time.
What does the 'closed loop' of network participants
mean?
In order to maintain network integrity, this
payment method mandates a closed network between
known participants. Network participants must
complete an enrollment process in order to send,
receive or offer Secure Vault Payments transactions.
Enrollment for each participant is agreement driven
and requires oversight from the pilot governing
body.
What is required for a business to participate
in the pilot?
All businesses and state government agencies
that wish to sign up for the pilot must be sponsored
by a receiving financial institution that will
accept these ACH Credit transactions and warranty
their performance.
What are the responsibilities of the sponsoring
RDFI?
The sponsoring RDFI must agree to a) receive
ACH Credit transactions on behalf of their business
customer b) abide by the pilot business rules
for these types of transactions c) warranty the
business performance of their business customer.
How will dispute resolution be handled in the
pilot?
Secure Vault Payments supports non performance
payment disputes.
How will cases of outright business/seller fraud
be handled for the pilot?
A consumer claiming seller fraud will take
the case to their originating FI to initiate the
WASSUP process. Remediation would occur by the
consumer's ODFI initiating an ACH Debit against
the business' receiving bank.
