How does a merchant or biller start accepting SVP payments?
The merchant or biller must first establish a relationship with a sponsoring financial institution. Then the merchant or biller needs to connect to the SVP Switch.

What is a sponsoring financial institution (FI)?
The sponsoring FI makes certain the merchant or biller adheres to the operating rules of SVP and accepts SVP payments into the merchant’s settlement account.

How does a merchant or biller initiate a relationship with a sponsoring financial institution (FI)?
The merchant or biller can contact their existing card payment acquiring bank and ask if they are sponsoring merchants into the SVP Network. The merchant or biller can also contact NACHA for assistance in establishing a sponsoring FI relationship.

Can a merchant’s or biller’s existing card association acquirer be their sponsoring financial institution (FI)?
Yes, provided they have met the requirements of NACHA for a sponsoring FI and have signed the appropriate agreements.

What if the merchant’s or biller’s existing card association acquirer is not a sponsoring financial institution (FI)?
Contact NACHA for assistance in establishing a sponsoring FI relationship.

What is the SVP Switch?
The SVP Switch is the technology that coordinates and routes the SVP transactions between sponsoring financial institution and authenticating financial institution.

How does the merchant or biller technically connect to the SVP Switch?
The same way a merchant or biller connects to the card association networks. Either by shopping cart, gateway, processor, third party technology provider or direct connection.

Can the merchant or biller connect directly to the SVP Switch provider?
Yes, API’s are available to connect directly to SVP Switch. There is a fee for certifying the connection.

Does the merchant or biller have any PCI requirements?
No. The merchant or biller does not have any PCI requirements.

Does the merchant or biller have any data security requirements?
No, there is no private information ever exchanged with the merchant or biller, so there is never a need to protect any sensitive data.

Do consumers need to sign-up or enroll?
No. As long as the consumer has an online banking relationship and their financial institution is participating in the SVP Network, they can use SVP anytime they choose without ever enrolling or signing up.

What financial data or private information does the consumer need to provide the merchant or biller during the transaction?
None. The consumer never provides any financial data or private information to the merchant or biller.

How does SVP prevent fraudulent transactions?
Authentication is the key component of the transaction and is done by leveraging the consumer’s online banking relationship. The consumer is authenticated by their online bank, the same way as when they conduct online banking business. This is the first step in the payment process.

How many online banking consumers are there?
It is estimated that there were over 100,000 million online banking users in the United States at the end of 2007. The figure is growing at over 10% per year.

What is the role of the consumer’s bank in the transaction?
The consumer’s bank authenticates the consumer then authorizes the transaction and r creates an ACH credit payment to the merchants nominated account.

How does the merchant or biller get paid?
The ACH credit payment is created by the consumer’s bank immediately upon authorization. The payment is sent to the corresponding sponsoring financial institution for the merchant or biller. Funds are deposited in the merchant’s or biller’s account within 24 hours.

How does the merchant or biller have protection against “I didn’t do it” charge backs?
The consumer’s online bank authenticates the consumer using the banks online banking authentication system. The consumer’s bank assumes liability for the consumer's action. Charge backs for “I did not do it” transactions are not permitted by NACHA.

When does authorization of the transaction actually occur?
Immediately after the consumer authenticates themselves with their online bank and chooses the account they wish to debit. The merchant or biller receives the authorization of the transaction immediately.

This seems too good to be true, what’s the catch?
There is no catch. This is the strongest, safest, most convenient alternative payment method on the market. Celent Research estimates that within three years, SVP will account for over 10% of all online payments.