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Jack Henry’s Payment Solutions Group enhances bill payment method

jack henryJack Henry & Associates’s (JHA) Payment Solutions group has announced an enhancement to their consumer bill pay product with the launch of iPay CardPay. The product aims to enable financial institutions to provide near-real-time card-funded bill payments using credit and debit cards as an alternative funding option.  

Louise Hilliard, Senior Vice President at Goldenwest Federal Credit Union has launched iPay CardPay to its 29,000 active bill pay members. She explained, “Bill pay is considered one of those sticky services, but in a traditional sense does provide much extra value to the institution offering it. Everyone wants payments to move faster; card-to-card transactions are quick and give users the incentive of rewards. iPay CardPay elevates our bill payment capabilities to be a differentiating service, showing members that we are making payments easier and faster while giving them the opportunity to earn points at the same time. Plus, we’re turning bill pay into a product that can benefit the credit union as a new revenue stream.”

The supplier states that iPay CardPay is expected to provide an enhanced bill pay experience based on the users’ preference for instant “pay now” gratification and their desire to optimize card benefits. Within iPay CardPay, financial institutions have the option to allow only their issued cards to fund the payments or to accept cards issued by other financial services organizations.

Tede Forman, group president of iPay Solutions at Jack Henry, said, “With so much competition in payments, financial institutions need to help ensure that basic, expected offerings like bill pay are elevated to match consumer preferences and interests. Centralizing card-funded payment activity, hosted by the financial institution, enhances the traditional bill pay offering while creating new benefits of the service to both the consumer and bank or credit union.”

Recently, Jack Henry & Associates Inc named Ted Bilke as its new Chief Technology Officer (CTO) and Greg Adelson as the new Chief Operating Officer (COO).

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