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TheStreet Open House

FamilySearch International Enters Pilot To Evaluate Secure Vault Payments For Online Donation Process

Stocks in this article: USB

FamilySearch International has signed a pilot agreement with U.S. Bank to evaluate Secure Vault Payments (SVP) as a secure and convenient online payment option for FamilySearch.org patrons to make online donations.

With SVP, FamilySearch.org visitors can initiate online donations and are automatically redirected to their own participating financial institution’s online banking platform to select which account they wish to use for payment. They are then returned to FamilySearch.org, where they receive payment confirmation.

Financial institutions authenticate the payer and provide FamilySearch with real-time authorization and confirmation of payment. Because the payer doesn’t share any financial account information, there is no need for the FamilySearch to store the payer’s account information.

“FamilySearch is enthusiastic about the integration of the SVP pilot project into its online donation process,” said Ransom Love, senior vice president of strategic relations for FamilySearch. “SVP could provide a step into the future of e-donations for FamilySearch because it significantly lowers any costs or risks associated with financial e-transactions. Our e-donation customers will appreciate not having to disclose their bank account information online when making a charitable contribution — a benefit provided through SVP’s technology.”

“U.S. Bank is excited to extend to consumers the security of using their financial institution when using SVP to make online donations to FamilySearch,” said Eric Lim, vice president and senior product manager, U.S. Bank Treasury Management.

SVP was developed by NACHA — The Electronic Payments Association, in an effort to reduce paper checks and increase use of the ACH Network. The SVP switch technology that transfers users between the biller’s site and the financial institution’s site is provided by eWise, the exclusive network provider for SVP.

About FamilySearch

FamilySearch International is the largest genealogy organization in the world. Millions of people use FamilySearch records, resources, and services to learn more about their family history. To help in this great pursuit, FamilySearch has been actively gathering, preserving, and sharing genealogical records worldwide for over 100 years. FamilySearch is a volunteer-driven, nonprofit organization sponsored by The Church of Jesus Christ of Latter-day Saints. Patrons may access FamilySearch services and resources free online at FamilySearch.org or through over 4,600 family history centers in 126 countries, including the main Family History Library in Salt Lake City, Utah.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $308 billion in assets as of Dec. 31, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,069 banking offices in 25 states and 5,310 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

NACHA — The Electronic Payments Association

NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network serves as a safe, secure, reliable network for direct consumer, business, and government payments, and annually facilitates billions of payments such as Direct Deposit and Direct Payment. Utilized by all types of financial institutions, the ACH Network is governed by the NACHA Operating Rules, a set of fair and equitable rules that guide risk management and create certainty for all participants. As a not-for-profit association, NACHA represents nearly 11,000 financial institutions via 17 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to enable innovation that strengthens the industry with creative payment solutions. To learn more, visit www.nacha.org and www.securevaultpayments.org.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6624643&lang=en



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