Source: Jack Henry
Jack Henry & Associates, Inc. (Nasdaq:JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced TheWayiPay™, the standalone version of the iPay person-to-person (P2P) electronic payment solution which is provided by its recently acquired iPay Technologies division.
TheWayiPay allows anyone in the United States with a bank account to send and receive money using their existing accounts. This electronic payment service is accessible through financial institutions' Web sites and leverages the same secure processing as online banking transactions. Payments can be made using only the recipient's name and e-mail address. The money is deducted from the sender's account and deposited directly in the recipient's account in one to three business days with payment confirmations sent to the recipient's e-mail address. The ability to electronically transfer funds between accounts and financial institutions provides a convenient, easy-to-use, secure service that simplifies financial management and provides an additional payment alternative.
iPay's P2P service is currently used by more than 2,150 financial institutions and has been available as an integrated component of its consumer and small business bill pay offerings. But based on the growing demand for P2P payment alternatives, the strategic decision was made to offer this solution as a standalone product that operates independently of iPay's traditional bill pay solutions. TheWayiPay is expected to generate significant interest because it is production-proven and industry-accepted. It is currently used by more than 533,000 end users of iPay's consumer and small business bill pay solutions. It has supported more than 5.5 million P2P payments including more than 96,000 monthly transactions ranging from $1.00 to over $10,000.
According to Bill Ready, president of iPay Technologies, "While P2P funds transfer services have been around for many years, until recently it appeared P2P was an innovative technology looking for a market and widespread adoption. But the increasing usage of online and mobile banking and e-commerce are now creating a strong and growing demand for P2P as a next-generation payment solution. In fact, recent research published by Javelin Strategy and Research estimarch estimated that approximately 60 million American households will use P2P by 2014. We believe the speed and convenience of P2P transactions could fundamentally change the payments business, and we are excited to be strategically positioned with a proven platform we can now offer to virtually any financial services organization regardless of their online bill pay solution."
Initial availability of iPay's standalone P2P solution will be the fourth calendar quarter of 2010.
iPay Technologies was acquired by Jack Henry & Associates in June 2010.