Collaboration enables banks and credit unions to better serve the payment needs of consumers and small businesses
Jack Henry announced 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.
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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.”
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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.
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“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.”
Source – Businesswire
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