Jack Henry Enables Faster Payments for More than 250 Financial Institutions
Jack Henry & Associates, Inc.® is supporting the faster payments strategies of hundreds of regional and community financial institutions with JHA PayCenter™, its proprietary payments hub that provides seamless connections to The Clearing House's RTP® network and the Zelle Network®, provided by Early Warning Services, LLC. More than 250 financial institutions are leveraging one or both networks today.
JHA PayCenter provides a quicker, more cost effective, more efficient conduit to the faster payments' networks. The proprietary hub also enables financial institutions to accelerate time to market with proven faster payment solutions that expedite funds availability, improve cash flow, and ultimately improve the financial health of consumers and businesses. Since launching in 2018, JHA PayCenter has already processed more than $2 billion in faster payments and is expected to continue to increase adoption among regional and community financial institutions.
More than 170 Jack Henry clients are live on the RTP network, representing over $800 million in processed transactions, with approximately 60 more scheduled for implementation. RTP Send capabilities were recently added, allowing financial institutions to support accountholders with the ability to seamlessly request payments.
Financial institutions are expected to process over $3 billion via the Zelle Network® by the end of 2022. Jack Henry is supporting over 200 clients live with Zelle® with another 134 in various stages of the implementation process. Third-party digital platform providers can also take advantage of JHA PayCenter's seamless integration with the faster payment networks.
Jack Henry is also working closely with the Federal Reserve's FedNowSM team on the network's development and will participate in the depository integration test environment.
Tede Forman, vice president, payment solutions at Jack Henry & Associates said, "Faster payments are quickly becoming competitive necessities for financial institutions and as practical uses cases continue to emerge, we expect demand will materially increase. We strategically built JHA PayCenter to support the diverse faster payments strategies of Jack Henry clients, financial institutions using third-party core and digital platforms, as well as other fintechs. The payments hub virtually eliminates the inherent technology and staffing challenges experienced by financial institutions that elect to build and maintain direct connections to one or multiple faster payments networks."