Jack Henry & Associates (NASDAQ:JKHY), a leading provider of technology solutions and payment processing services primarily for financial services organizations, announced today that its iPay Technologies division is supporting the Business Bank of Texas, N.A. with the iPay Biz 2.0 small business online bill payment suite.
Business Bank of Texas is a four-year-old bank focused solely on business banking in Austin, Texas. It leverages the Web as a virtual branch, offering small- to multibillion-dollar businesses and entrepreneurs 24-hour service. Unlike traditional retail bill pay solutions, iPay Biz 2.0 offers a true business-driven solution that strategically enhances the bank's existing treasury cash management offerings.
iPay Biz 2.0 encompasses a full suite of electronic transaction services such as accounts payable and accounts receivables functions through online banking as well as electronic invoicing and ACH compatibility for automatic debits. The solution enables Business Bank of Texas customers to manage multiple accounts and set multi-user entitlements that designate fully customizable access, payment thresholds, and PIN changes. Biz 2.0 also features recurring payment options, P2P (person-to-person) payments, B2B (business-to-business) payments, and the ability to send payroll deposits to multiple accounts.
Mary Ann Hebel, executive vice president and chief financial officer of Business Bank of Texas, said, "iPay Technologies' small business online bill pay puts control back in our customers' hands. We are a very technologically-centric institution and require partners that offer the best available products and service delivery. We consistently evaluate our services and have not found another bill pay offering comparable to iPay's."
Hebel added that in addition to great functionality, iPay brought an additional level of service to the bank. iPay offers a full-service, bank-branded call center. This end user support is a significant cost advantage for Business Bank of Texas considering it does not have the employees required to staff a call center. iPay also provides a team focused on end user adoption that is available to work alongside clients to help them market the product effectively and maximize online bill pay usage.
According to Gro Greg Adelson, group president of iPay Technologies, "Though the online channel is the primary way most small businesses interact with their financial institutions, there are other unique transactional needs for this client segment that cannot be met with traditional consumer bill pay solutions. Our small business suite of electronic transaction services fills all of those unique needs and is backed by a service delivery team with a world-class reputation. We look forward to working with Business Bank of Texas in an effort to better serve the needs of the small business.