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Jack Henry launches standalone, real-time P2P payments

By Edlyn Cardoza

October 27, 2022

  • API
  • Credit Unions
  • Financial Institution
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Jack Henry, Person-to-Person Payments, Payrailz Digital Payments Platform, Financial Institution, Real Time Payments, Fraud Monitor, Fraud Management, API, Credit Unions, USAJack Henry announced the launch of its standalone person-to-person (P2P) payments solution. Powered by the Payrailz Digital Payments Platform, which Jack Henry acquired on September 1, 2022, the P2P solution is now available for standalone implementation or as a strategic component of the complete Payrailz payments platform.

As the industry’s financial institution-centric, open-loop, real-time P2P payments solution, Jack Henry’s offering provides a flexible, convenient way to send money to virtually anyone. Unlike closed-loop solutions, open-loop solutions do not require senders and receivers to belong to the same payment network.

One-time and recurring payments can be made using the recipient’s mobile number or email address with flexible delivery options, split-pay functionality, good funds settlement, and the ability to credit funds to checking and savings accounts, debit cards, and Venmo accounts, with other options in development. Fraud mitigation is optimised with a multi-layered approach that includes one-time passwords (OTP) and the in-development Fraud Monitor, which will score 100% of P2P payments in real time. This API-enabled solution can be seamlessly integrated into existing digital banking platforms.

Today, people expect secure, convenient, flexible ways to send and receive money in the moment of need and this next-generation solution enables banks and credit unions to meet those expectations. Offering convenience-driven, real-time payments allows money to be securely sent to virtually anyone in three clicks, will enable banks and credit unions to remain at the centre of the payment experience, and ultimately reduces payments friction and financial fragmentation.

“The demand for P2P payments is strong and growing, and offering instant payments has evolved from a competitive distinction into a competitive necessity,” said Tede Forman, President of payment solutions at Jack Henry. “Jack Henry has been on the leading edge of faster payments offering our clients ready-built conduits to the new networks. Our experience supporting more than 400 financial institutions that are already live on the Zelle® and RTP® networks, with another 156 in various stages of implementation, has demonstrated that many banks and credit unions are offering access to multiple faster payment 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.”

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