MVB Bank advances instant payments strategy becoming first Jack Henry Bank to launch RTP Send capabilities on The Clearing House’s RTP® network
Jack Henry & Associates, Inc. announced that Victor Technologies, Inc. (“Victor”) is working with the company to advance its instant payments strategy.
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A subsidiary of MVB Edge Ventures, Inc. (“MVB Edge Ventures”), and part of the MVB Bank, Inc. (“MVB Bank”) family, Victor helps banks manage fintech partnerships and compliance through its integrated risk management software as well as APIs for fintechs to embed financial services. Since May of 2021, the Victor team has built a virtual account ledgering solution with a suite of payment APIs to move money via ACH, Wires, Internal transfers, and now real-time payments over the RTP® network.
Victor recently added RTP capabilities to expand its services. JHA PayCenter™ is Jack Henry’s proprietary faster payments hub that provides seamless connections to the faster payments networks, enabling real-time payments to be sent and received through MVB Bank’s Jack Henry core. MVB Bank is the first client live using RTP Send functionality and plans to offer RTP Request for Payment. Both solutions will help Victor support the faster payments needs of consumers and businesses.
Jenifer Nadeem, director of enterprise applications at MVB Financial Corp., the holding company of MVB Bank, commented, “Our long-standing relationship with Jack Henry powers our day-to-day banking operations and opens the door for us to connect with innovative and emerging fintechs. Victor enables us to offer real-time payments capabilities which helps us expand into new business verticals and further solve the payment needs of our diverse clients.”
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Maf Sonko, head of strategy and operations at Victor, added, “Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients. The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time. This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours. The addition of real-time payments gives end-users quicker access to their money.”
Tede Forman, vice president of payment solutions at Jack Henry, said, “Our work with both MVB Bank and Victor speaks to the openness and flexibility of Jack Henry’s Payments-as-a-Service Platform. Financial institutions can easily select and embed banking and payment capabilities. Our relationship with MVB Bank and Victor is the first of its kind and we encourage other clients to consider developing an instant payments strategy to meet the needs of consumers and businesses.”
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