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Jack Henry boosts real-time payments with FedNow Service

By Delisha Fernandes

May 16, 2023

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Jack Henry Jack Henry announced it is operationally ready to support the Federal Reserve’s FedNow Service launch, a real-time payments network.

“Processors play an important role in enabling the FedNow Service for many financial institutions,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “We appreciate Jack Henry’s commitment to be ready to deliver instant payments services when we launch in July.”

“Over two years ago, we were elated to be chosen as one of the 120 organizations in the FedNow pilot program,” said Scott Young, vice president of payments operations for HawaiiUSA Federal Credit Union. “We decided to be part of the program because we wanted to have input on how the instant payments rail would operate and ensure that the needs of financial institutions in Hawaii were being considered. FedNow will level the playing field and help us compete with the large financial institutions on the mainland.”

FedNow is an instant payments network that moves funds directly and immediately between financial institution accounts in the United States. The network will initially support multiple use cases and serve as a platform banks and credit unions can leverage to develop innovative payment solutions that help evolve instant payment needs and additional use cases.

“Today’s convenience-driven consumers and businesses expect to move money in the moment of need, so real-time payments have evolved into competitive necessities,” said Tede Forman, president of  Payment Solutions Jack Henry. “Based on the high and growing demand for instant payments and the fact that more than half of all US DDA accounts are now connected to a faster payments network, banks and credit unions simply can’t compete without offering real-time payments and meaningful use cases.”

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