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|Synovus Launches Secure Vault Payments
|First Bank in the U.S. to offer consumers a new way to pay online|
|May 5, 2008, Columbus, GA – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, announced the launch of Secure Vault Payments. Secure Vault Payments is an alternative payment method for customers who shop online and go to merchant websites to pay monthly bills.
“This product innovation gives us the opportunity to enhance the customer’s on line banking experience and address the challenges concerning customer privacy and security concerns,” said Richard Anthony, Chairman and CEO of Synovus. “The success of this project is another example of our team developing a product to meet the needs our customers and position us as innovators in the marketplace.”
Columbus Bank and Trust Company was the sponsoring and authorizing bank for the first live transactions originated through consumer purchases at igourmet.com, a leading online retailer.
The Secure Vault Payments process begins when the online customer selects this option to make a purchase on a merchant’s website. The customer is directed to their Synovus bank’s Secure Vault Payments login page where they use their existing Internet banking user id and password to complete the transaction. The bank approves the transaction and securely sends the authorization back to the online merchant. The entire transaction is completed without exposing any personal customer information.
Synovus (NYSE: “SNV”) is a financial services holding company with approximately $33 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 36 banks, 440 ATMs, and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure the delivery of unparalleled customer experiences. See Synovus on the web at www.synovus.com.