“A formalized organization, the Secure Vault Payments Marketing Advisory Council, will work to share industry insights and experience to maximize awareness for Secure Vault Payments and ensure the effectiveness of the payment type. Those selected from the nominations will become the founding members of the Council, which will be comprised of up to 20 members representing financial institutions, merchants, billers and gateway service companies. Through regular meetings and communication, the Council will be relied upon to play a critical role in defining direction and priorities to drive adoption.”
NACHA is slowly beginning to incorporate broader, more dynamic strategies, into its organization, and the SVP project can also be seen as a window into how this network may evolve over time.