Jack Henry™ (Nasdaq: JKHY) announced today its collaboration with Visa, the world leader in digital payments, to offer Visa Direct through Jack Henry Rapid Transfers.
The addition of Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, is part of Jack Henry’s previously announced alliance with Moov to enable community and regional financial institutions to offer robust and comprehensive digital payment services to consumers and small and medium-sized businesses (SMBs).
“The inclusion of Visa Direct represents a significant milestone in our ongoing efforts to modernize digital payments,” said Jack Henry President and CEO Greg Adelson. “This is the first phase of our work with Moov that will be closely followed by our cloud-native merchant acquiring solution. Together, these services will enable community and regional financial institutions to offer innovative digital payments solutions, attract and deepen relationships, and grow deposits.”
Offered only through financial institutions, Jack Henry Rapid Transfers is a cloud-native service that will provide real-time[1] account-to-account money movement via the Visa Direct network. When fully implemented, this service will offer numerous benefits, including:
● Real-Time1 Account Transfers: Move money between accounts at different banks without delays.
● Emergency Access: Real-time1 access to funds for unexpected expenses, travel, or urgent payments.
[1] Actual fund availability depends on receiving financial institution and region
“Integrating Visa Direct with Jack Henry Rapid Transfers™ will provide access to market leading real-time money movement services for Jack Henry’s clients and their end customers, said Yanilsa Gonzalez-Ore, SVP, Money Movement North America, Visa. “We’re so excited to work with Jack Henry to serve the growing real-time payment needs of consumers and SMBs at regional and community banks.”