Enables early adoption for more than 80
community financial institutions
MONETT, Miss., July 20,
2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY)
announced today it is now supporting live transactions on the
Federal Reserve's new instant payment rail, the FedNow Service.
Jack Henry is among the first
service providers supporting transaction activity for financial
institutions on the service.
Jack Henry is committed to
helping community and regional financial institutions stay on the
leading-edge of faster payments. The company's faster payment hub,
JHA PayCenter™, connects financial institutions to the FedNow
Service as well as the Zelle Network®, which is owned
and operated by Early Warning Services, LLC, and the
RTP® network, owned and operated by The Clearing House
(TCH).
"As a provider for the FedNow Service, Jack Henry demonstrates its dedication to
innovation," said Ken Montgomery,
Federal Reserve Bank of Boston
first vice president and FedNow Service program executive.
"Financial institutions benefit from the ability to offer instant
payments through the seamless experience offered by service
providers and these critical organizations expand the reach of
instant payments and pave the way for industrywide
progress."
Jack Henry has more than 80
financial institution customers in various stages of implementation
for the new network through the JHA PayCenter payments hub.
"We have been working closely with early adopters to prepare for
this launch, and we're uniquely positioned to scale and rapidly
integrate diverse banks and credit unions," said Tede Forman, president of Jack Henry Payment
Solutions. "We expect to provide hundreds of financial institutions
with access to the new network in the next year. Our experience
supporting the Fed's development and launch of the network will
give our clients the ability to make more confident strategic
decisions for their faster payment strategies and use
cases."
About Jack Henry &
Associates, Inc.®
Jack Henry™ (Nasdaq:
JKHY) is a well-rounded financial technology company that
strengthens connections between financial institutions and the
people and businesses they serve. We are an S&P 500 company
that prioritizes openness, collaboration, and user centricity –
offering banks and credit unions a vibrant ecosystem of internally
developed modern capabilities as well as the ability to integrate
with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to
enable clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of their
accountholders. We empower approximately 8,000 clients with
people-inspired innovation, personal service, and insight-driven
solutions that help reduce the barriers to financial health.
Additional information is available at www.jackhenry.com.
About the FedNow Service
The Federal Reserve Banks
developed the FedNow Service to facilitate nationwide reach of
instant payment services by financial institutions — regardless of
size or geographic location — around the clock, every day of the
year. Through financial institutions participating in the FedNow
Service, businesses and individuals can send and receive instant
payments at any time of day, and recipients have full access to
funds immediately, giving them greater flexibility to manage their
money and make time-sensitive payments. Access is provided through
the Federal Reserve's FedLine® network, which serves
more than 10,000 financial institutions directly or through their
agents. For more information, visit FedNowExplorer.org.
Statements made in this news release that are not historical
facts are "forward-looking statements." Because forward-looking
statements relate to the future, they are subject to inherent risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to, those
discussed in the Company's Securities and Exchange Commission
filings, including the Company's most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors." Any
forward-looking statement made in this news release speaks only as
of the date of the news release, and the Company expressly
disclaims any obligation to publicly update or revise any
forward-looking statement, whether because of new information,
future events or otherwise.
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SOURCE Jack Henry &
Associates, Inc.