back Back

Jack Henry & Associates enters an agreement to acquire Payrailz

By Edlyn Cardoza

August 10, 2022

  • API
  • Connecticut
  • Credit Unions
Share

Jack Henry & Associates, Payrailz, Digital Payments, P2P Payments, API, Credit Unions, Financial Institutions, PaaS, Glastonbury, Connecticut, USAJack Henry & Associates, Inc. announced that it has entered into a definitive agreement to acquire Payrailz. Jack Henry plans on adding the company’s next-generation digital payment capabilities, including real-time person-to-person (P2P) payments, to its payments ecosystem.

Based in Glastonbury, Connecticut, Payrailz provides cloud-native, API-first, AI-enabled consumer and commercial digital payment solutions and experiences that enable money to be moved in the moment of need and banks and credit unions to compete with industry disruptors successfully.

“We are excited about the opportunity to add these next-generation solutions to our payments capabilities,” said Greg Adelson, President and COO of Jack Henry. “Our company is engaged in technology modernization that is supporting banks and credit unions with innovative solutions that enable them to respond to business opportunities and challenges, and to improve the financial health of their accountholders. Considering the importance of modern digital and payments strategies to financial institutions, we plan to acquire Payrailz as a strategic addition to our payments ecosystem, which enables our clients to simplify the complexity of payments, modernize their existing payment channels, and remain at the center of their account holders’ payment experiences.”

Acquiring Payrailz supports Jack Henry’s next-generation technology strategy that helps banks and credit unions innovate faster and meet the evolving needs of consumer and commercial account holders. This acquisition also reinforces the company’s mission to strengthen connections between people and financial institutions through technology and services that reduce the barriers to financial health. 

This acquisition enhances Jack Henry’s payments-as-a-service (PaaS) strategy, which is a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded FinTech. Jack Henry supports the growing demand for PaaS with a virtual payments hub that consolidates money-moving solutions and supports various payment channels and types. Payrailz strategically complements this hub with next-generation capabilities for consumer and commercial bill pay, real-time person-to-person (P2P), account-to-account (A2A), business-to-customer (B2C) payments, and more.

“We are confident joining Jack Henry is in the best interest of our clients and our associates,” said Fran Duggan, Payrailz CEO and Founder. “As part of Jack Henry, we have the opportunity to leverage its financial strength and stability, extensive operational infrastructure, and industry, payments, and security expertise. Joining Jack Henry also enables us to build on our market reputation and accelerate our vision of providing smarter payment experiences. This acquisition provides significant growth opportunities with frictionless access to Jack Henry’s existing clients and offers our clients peace-of-mind that Jack Henry has a long-term commitment to investing in the Payrailz platform and shares our service culture and standards. We are sincerely excited to join one of the industry’s most respected and successful fintechs.”

Previous Article

August 10, 2022

Alain Finance and Network International to launch credit card offerings in the UAE

Read More
Next Article

August 10, 2022

FloQast collaborates with Microsoft to improve accuracy and efficiency at the financial close

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

API

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Visa & Temenos to offer money transfer solutions to European banks

Read More

Today

Pelago taps Primer to deliver innovative travel payment solutions

Read More

Today

Newland NPT & Neoleap partner to foster digital payment solutions

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024