Yesterday, US Bank announced that it implemented eWise‘s Secure Vault Payments platform as a payment option for students at the University of Wisconsin-Stout who hold an account at US Bank or other Secure Vault Payment-enabled FI.
“With Secure Vault Payments, students or their parents 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. They are then returned to the school’s site, where they receive payment confirmation. Financial institutions authenticate the payer and immediately withdraw funds from the payer’s account and transfer funds to the school’s account the next business day.”
The school has received positive feedback so far and is expecting the new payment platform to mitigate tuition payment-processing costs.
To see an example of this payment platform, watch eWise’s FinovateSpring 2011 demo.