Payments

Jack Henry partners with Victor Technologies to offer payments solutions

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August 2, 2022

Jack Henry & Associates Inc. has partnered with Victor Technologies Inc., a subsidiary of MVB Edge Ventures Inc. and a part of MVB Bank Inc., to offer instant payments.

Victor helps banks with fintech partnerships and compliance with its risk management software as well as providing APIs for fintechs to embed financial services. It also launched a suite of payment APIs last year, according to a press release.

Victor recently integrated RTP capabilities through Jack Henry's JHA PayCenter, a payments hub that offers fast connections to payment networks, which allows payments to be sent and received through MVB Bank's Jack Henry Core.

"Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients," Maf Sonko, head of strategy and operations at Victor, said in the release. "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."