Jack Henry™ Launches Autonomous Real-Time Person-to-Person (P2P) Payments
Open-loop, cloud-native, AI-powered solution reduces payment friction and financial fragmentation
MONET, Mo., October 25, 2022 /PRNewswire/ — Jack Henry™ (Nasdaq: JKHY) today announced the launch of its standalone person-to-person (P2P) payment solution. Powered by Payrailz® Digital payment platform, acquired by Jack Henry September 1, 2022the P2P solution is now available for stand-alone implementation or as a strategic component of the complete Payrailz payments platform.
Operating as the only real-time, financial institution-centric, open-loop P2P payment solution, Jack Henry’s offering offers a flexible and convenient way to send money to virtually anyone. Unlike closed-loop solutions, open-loop solutions do not require senders and receivers to belong to the same payment network. One-time and recurring payments can be made using the recipient’s mobile number or email address with flexible delivery options, split payment functionality, smooth fund settlement and the ability to credit funds in checking and savings accounts, debit cards, and Venmo accounts, with more options under development. Fraud mitigation is optimized through a multi-layered approach that includes one-time passwords (OTPs) and the in-development Fraud Monitor, which will mark 100% of P2P payments in real time. This API-enabled solution can be seamlessly integrated into existing digital banking platforms.
Today, people expect secure, convenient and flexible ways to send and receive money when they need it and this next-generation solution enables banks and credit unions to meet to these expectations. Delivering convenience-focused real-time payments makes it possible to securely send money to virtually anyone in three clicks, keeps banks and credit unions at the center of the payment experience, and , ultimately reduces payment friction and financial fragmentation.
“The demand for P2P payments is strong and growing, and the instant payments offering has gone from a competitive distinction to a competitive necessity,” said Tede Forman, president of payment solutions at Jack Henry. “Jack Henry has been at the forefront of faster payments providing our customers with plug-and-play conduits to the new networks. Our experience in supporting over 400 financial institutions that are already live on the Zelle® and RTP® networks, with 156 others in various stages of implementation, demonstrated that many banks and credit unions offer access to multiple, faster payment networks. We believe that the strategic addition of the Payrailz P2P open-loop solution provides our customers and prospects with additional and distinct functionality, options and flexibility and allows us to more seamlessly support digital and pay-as-you-go strategies. short and long term from various banks and credit unions.”
About Jack Henry & Associates, Inc.
Jack Henry (Nasdaq: JKHY) is a comprehensive financial technology company that strengthens the connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user-centricity – providing banks and credit unions with a dynamic ecosystem of modern, in-house developed capabilities as well as the ability to integrate with leading financial technologies. For more than 45 years, Jack Henry has provided technology solutions that enable clients to innovate faster, strategically differentiate and compete successfully while meeting the changing needs of their account holders. We empower approximately 8,000 clients with innovative, people-inspired solutions, personalized service, and insight-driven solutions that help reduce barriers to financial health. Additional information is available at www.jackhenry.com.
Statements made in this press release that are not historical facts are “forward-looking statements.” Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, those discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent reports on Forms 10-K and 10 -Q, in particular under the heading “Risk Factors”. Any forward-looking statements made in this press release speak only as of the date of the press release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCEJack Henry & Associates, Inc.