More than 170 banks and credit unions are contracted with Jack Henry to access the RTP® network and Zelle®, providing consumers and businesses with faster funds availability
Jack Henry & Associates, Inc. , a leading provider of technology solutions and payment processing services primarily for the financial services industry, confirmed that 93 financial institutions are live on its faster payments hub, JHA PayCenter™. In total, more than 170 banks and credit unions are contracted to leverage JHA PayCenter to connect to The Clearing House’s RTP® network and/or Early Warning Services’ Zelle Network®. Jack Henry’s clients represent most of the financial institutions live on the RTP network to-date.
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JHA PayCenter is a proprietary payments hub that provides seamless connections to the RTP and Zelle networks and will connect to future real-time payment networks including FedNow. It enables near-real-time payments to be sent and received through all of Jack Henry’s core and digital solutions. It also supports third-party core, mobile, and online solutions.
Financial institutions such as West Virginia-based City National Bank, which went live with Banno Mobile™ last year are now able to transact real-time payments seamlessly with JHA PayCenter. Jesse Holston, associate vice president and digital channels manager at City National Bank, commented, “Jack Henry empowers us to provide a great digital user experience that includes sending and receiving real-time Zelle payments within our app – something our customers want. The integration was seamless, and our customer feedback has been great. During these uncertain times, we are glad to decrease the friction in our customers’ everyday financial experiences.”
The faster payments hub expedites how quickly banks and credit unions can go to market with high-demand payment options and alleviates them from having to build their own connections to each network. According to Levvel’s 2021 Real Time Payments Market Insight Report, most respondent organizations see the benefits of using real-time payments, with 76% believing it will provide them with a competitive advantage. Jack Henry plans to onboard 20 to 25 institutions monthly in 2021.
Tede Forman, head of consumer and commercial payments at Jack Henry, added, “The public’s attention towards improving cash flow and expediting funds availability has sharpened. We want more consumers and businesses to be able to rely on their primary financial institution to support their real-time payment experiences. JHA PayCenter allows us to make faster payments services a reality for financial institutions of all sizes.”
