Regional bankholding firm Synovus Financial Corp. said today it has launched an online shopping service that allows consumers to pay monthly bills on merchant Web sites.
The alternative payment service is called Secure Vault Payments, Columbus-based Synovus said.
Columbus Bank and Trust Co., a Synovus subsidiary, recently went live with the payment service, sponsoring and authorizing purchase transactions for online retailer, igourmet.com.
“This product innovation gives us the opportunity to enhance the customer's online banking experience and address the challenges concerning customer privacy and security concerns,” Richard Anthony, Synovus chairman and chief executive officer, said in a statement.
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Customers use Secure Vault Payments by clicking the option on a merchant's Internet site. The shopper is then routed to a Synovus bank's login page, using existing Internet banking ID and password to complete the transaction.
The bank approves the transaction, then sends the authorization back to the online merchant. No personal customer information is disclosed, Synovus said.
Synovus oversees $33 billion in assets at 36 banks and offices in Georgia, Alabama, South Carolina, Florida and Tennessee.