Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry.
Today the company announced a strategic alliance with Early Warning to resell Early Warning’s ZelleSM Network to partner financial institutions. Zelle, a new faster payments network, will enable financial institution customers to send faster person-to-person (P2P) payments to nearly anyone with a U.S. bank or credit union account.
Jack Henry & Associates has offered P2P services since 2005 through iPay Solutions™, with its volumes of payment transactions growing consistently since inception. With the addition of Zelle, Jack Henry & Associates’ clients will be able to provide the Zelle Network and P2P product to their customers. iPay Consumer Bill PayTM clients will also gain the option to send and receive P2P transactions through the Zelle network. Participating financial institutions will be able to implement Zelle capabilities in 2017.
Lou Anne Alexander, group president, payments of Early Warning, said, “Partnerships that lead to the growth of the Zelle Network are vital to our business, and a great benefit to all users. We are pleased to partner with Jack Henry & Associates on our mutual mission to provide faster, more secure P2P payment solutions.”
Greg Adelson, general manager of Jack Henry & Associates’ Payment Solutions Group, said, “Jack Henry & Associates is dedicated to providing clients with products and services that are at the forefront of faster, more reliable payments. Adding Zelle to our existing P2P capabilities will allow our clients to give consumers more of what they desire in this type of payment experience, and maintain ownership of these transactions as they compete more effectively against alternative payment providers.”
Zelle is an inclusive network that is open to all banks and credit unions in the United States. Nineteen financial institutions have already joined the Zelle Network thus far, and through Early Warning’s alliance with Jack Henry & Associates, approximately 3,000 additional financial institutions will gain access to the network. At launch, Zelle will be one of the largest faster payments networks in the U.S., accessible to over 76 million mobile banking users nationwide.
Contributed | what does this mean?