Jack Henry & Associates, Inc. (JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its JHA Payment Solutions™ group today announced that it has partnered with Visa® to deliver faster P2P (person-to-person) payments to a recipient's Visa debit card.
Worldwide, P2P payments surpassed $375 billion in 2015, and the U.S. market is expected to surpass $200 billion by 2020. Financial institutions are taking more initiative to compete in this growing market through benefits such as faster payments. JHA Payment Solutions' integration with Visa Direct allows recipients to receive funds on the same day or one day sooner based on the institution's funding model. Recipients have the convenience of providing their debit card rather than an account and routing number.
JHA Payment Solutions provides technology that simplifies the complexity of payments so that money can move quickly and efficiently. The group began offering P2P in 2005 and volumes of payment transactions have grown consistently since its inception. This partnership will accelerate that growth.
Greg Adelson, general manager of the JHA Payment Solutions group, commented, "P2P payments are fundamental to today's financial experience. They help roommates pay bills and friends share expenses; they're part of the everyday commerce that banks should own. JHA Payment Solutions is committed to providing financial institutions with the tools and strategy they need to aggressively compete with non-bank entities and continually evolve the P2P experience."