Software

Jack Henry intros P2P payments solution

Image via Istock.com

November 7, 2022

Jack Henry has launched its person-to-person payments solution powered by the Payrailz Digital Payments Platform. With the open-loop system, users can send funds to anyone without belonging to the same payment network, according to a press release.

Customers can use the receiver's phone number or email address to deliver one-time or recurring payments with tools such as split-pay functionality, credit checking or savings accounts, debit cards and Venmo. The platform also features one-time passwords and a fraud monitor.

"The demand for P2P payments is strong and growing, and offering instant payments has evolved from a competitive distinction into a competitive necessity," Tede Forman, president of payment solutions at Jack Henry, said in the release. "Jack Henry has been on the leading edge of faster payments offering our clients ready-built conduits to the new networks. We believe the strategic addition of the open-loop Payrailz P2P solution provides our clients and prospects with additional and distinct functionality, optionality and flexibility and enables us to more seamlessly support the near- and long-term digital and payment strategies of diverse banks and credit unions."