Jack Henry & Associates, a payment processing services provider, has announced iPay CardPaySM.
The solution is a bill pay product that enables financial institutions to provide near-real-time card-funded bill payments using credit and debit cards as an alternative funding option. More than 75% of consumers prefer to pay with a debit or credit card, the official press release cited a US Consumer Payment Study.
iPay CardPay enables Jack Henry banks and credit unions to offer a bill pay experience based on users’ preferences for convenience and instant ‘pay now’ gratification, and on their desire to optimise card benefits such as rewards. Furthermore, 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 organisations.
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