Jack Henry and Moov to Implement Visa Direct to Enable Fast, Seamless Payments
Rhea-AI Summary
Jack Henry (JKHY) has announced a strategic collaboration with Visa to integrate Visa Direct into Jack Henry Rapid Transfers™. This partnership, part of Jack Henry's alliance with Moov, aims to enhance digital payment services for community and regional financial institutions.
The integration will enable real-time account-to-account money transfers through the Visa Direct network, allowing customers to move funds between different bank accounts instantly. The service will provide emergency access to funds for unexpected expenses and urgent payments.
This implementation marks the first phase of Jack Henry's collaboration with Moov, with a cloud-native merchant acquiring solution to follow. The initiative is designed to help financial institutions modernize their payment offerings, strengthen customer relationships, and increase deposits.
Positive
- Strategic partnership with Visa enhances payment capabilities
- Implementation of real-time money transfer functionality
- Expansion of service offerings for financial institutions
- Potential for deposit growth through improved payment solutions
Negative
- None.
News Market Reaction – JKHY
On the day this news was published, JKHY gained 0.40%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Alliance enables banks and credit unions to better serve the payment needs of consumers and small businesses
"The inclusion of Visa Direct represents a significant milestone in our ongoing efforts to modernize digital payments," said Jack Henry President and CEO Greg Adelson. "This is the first phase of our work with Moov that will be closely followed by our cloud-native merchant acquiring solution. Together, these services will enable community and regional financial institutions to offer innovative digital payments solutions, attract and deepen relationships, and grow deposits."
Offered only through financial institutions, Jack Henry Rapid Transfers is a cloud-native service that will provide real-time[1] account-to-account money movement via the Visa Direct network. When fully implemented, this service will offer numerous benefits, including:
- Real-Time1 Account Transfers: Move money between accounts at different banks without delays.
- Emergency Access: Real-time1 access to funds for unexpected expenses, travel, or urgent payments.
"Integrating Visa Direct with Jack Henry Rapid Transfers™ will provide access to market leading real-time money movement services for Jack Henry's clients and their end customers," said Yanilsa Gonzalez-Ore, SVP, Money Movement North America, Visa. "We're so excited to work with Jack Henry to serve the growing real-time payment needs of consumers and SMBs at regional and community banks."
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.
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.
[1] Actual fund availability depends on receiving financial institution and region
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SOURCE Jack Henry & Associates, Inc.
FAQ
What is the purpose of Jack Henry's (JKHY) partnership with Visa in 2025?
How will the JKHY-Visa Direct integration benefit financial institutions?
What features will Jack Henry Rapid Transfers offer through Visa Direct?
What is the next phase after JKHY's Visa Direct implementation?
