Jack Henry and Moov to Implement Mastercard Move to Enable Fast, Seamless Domestic Payments

Rhea-AI Summary

Jack Henry (JKHY) has expanded its collaboration with Mastercard to integrate Mastercard Move into Jack Henry Rapid Transfers™, enabling near-real-time money movement capabilities. This cloud-native service will facilitate seamless domestic payments and account funding through the Mastercard network.

The integration will be initially available through the Banno Digital Platform™, Jack Henry's digital banking solution currently serving 1,000 banks and credit unions with 13.2 million end users. The service will allow customers to move money between accounts at different financial institutions without delays.

This enhancement builds upon Jack Henry's existing alliance with Moov and previous collaborations with Mastercard in open banking, fraud protection, and marketing capabilities. The service will be exclusively offered through financial institutions, aiming to modernize digital payments and enhance customer relationships.

Positive

• Integration with Mastercard Move expands JKHY's payment capabilities
• Large existing user base of 13.2 million end users across 1,000 financial institutions
• Exclusive offering through financial institutions strengthens customer relationships

Negative

• None.

Collaboration enables banks and credit unions to better serve the payment needs of consumers and small businesses

MONETT, Mo., March 17, 2025 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today an extended collaboration with Mastercard to offer Mastercard Move, Mastercard's portfolio of money transfer solutions, through Jack Henry Rapid Transfers™, a cloud-native service that will enable near-real time* money movement. This includes account funding and a variety of payment use cases in the United States via the Mastercard network.

Mastercard Move provides banks, non-bank financial institutions, direct disbursers and their customers with fast, secure money transfer solutions. The integration facilitates the seamless and secure delivery of funds with near-real time* availability directly to eligible cards, bank accounts, and wallets around the world. It is part of Jack Henry's previously announced alliance with Moov to enable banks and credit unions to offer robust and comprehensive digital payment services to consumers and small and medium-sized businesses.

The integration of Mastercard Move is an addition to Mastercard and Jack Henry's longstanding collaboration. The two companies leverage solutions in open banking, advanced fraud protection, and marketing capabilities to support customer growth.

"Integrating Mastercard Move into Jack Henry Rapid Transfers in an important step in our efforts to modernize digital payments," said Jack Henry President and CEO Greg Adelson. "We are committed to empower banks and credit unions with innovative technologies that enable them to serve at the center of their relationships with accountholders."

Offered only through financial institutions, Jack Henry Rapid Transfers will offer numerous benefits, including the ability to move money between accounts at different financial institutions without delays. The service will initially be accessible through the Banno Digital Platform™, Jack Henry's fast-growing digital banking solution that serves 1,000 banks and credit unions and 13.2 million end users.

"This next phase in our ongoing collaboration is designed to help Jack Henry's customers enable seamless and secure money movement," said Chiro Aikat, Co-President, United States, Mastercard. "The near-real time* availability of funds will also lend itself to account opening capabilities, as well as offer a variety of payment options for Jack Henry's commercial customers. Together, we're creating a two-way street, allowing customers to both send and receive money – ultimately facilitating greater access to the digital economy."

About Moov
Moov is a new kind of payment processor, built from scratch in the cloud to make payments easier for developers & businesses. With Moov, businesses accept, store, send, and spend money — all through one simple integration. Moov is driven by a give-first mindset and supports a thriving network of developers with open-source libraries and a growing community. Discover how Moov can transform your payment operations at moov.io.

About Jack Henry & Associates, Inc.^®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

*Transaction approvals depend on the applicable payment network and receiving financial network. Actual funds availability depends on the receiving financial institution.

Statements made in this news release that are not historical facts are "forward-looking statements." Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Securities and Exchange Commission filings, including the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.

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SOURCE Jack Henry & Associates, Inc.

FAQ

What new payment capabilities will JKHY's Mastercard Move integration offer?

The integration enables near-real-time money movement, account funding, and domestic payments through the Mastercard network, allowing seamless transfers between different financial institutions.

How many users does Jack Henry's Banno Digital Platform currently serve?

The Banno Digital Platform serves 1,000 banks and credit unions with 13.2 million end users.

When will Jack Henry implement the Mastercard Move integration?

The integration was announced on March 17, 2025, with initial accessibility through the Banno Digital Platform.

What benefits will JKHY's Rapid Transfers offer to financial institutions?

It enables banks and credit unions to offer near-real-time money movement between accounts at different institutions, enhancing their digital payment services for consumers and businesses.