Jack Henry and Moov plan to implement Mastercard Move

By offering Mastercard through Jack Henry Rapid Transfers, Jack Henry aims to provide account funding and several payment use cases in the US via the Mastercard network. With Mastercard Move, banks, non-bank financial institutions, direct disbursers, and their customers can access secure and efficient money transfer solutions. Integrating the solution supports simplified and safe delivery of funds with near-real-time availability directly to eligible cards, bank accounts, and wallets globally.

The move comes as part of Jack Henry’s previously forged partnership with Moov, with the two companies teaming up to allow banks and credit unions to provide comprehensive digital payment services to consumers and small and medium-sized enterprises (SMEs). At that time, the two organisations were also working toward a multi-phased approach with beta testing, expected to start by mid-2025. Besides implementing Mastercard Move, Jack Henry and Moov also began using Visa Direct for optimised payments, enabling end customers to access real-time money movement services.

Jack Henry’s partnership with Mastercard

Mastercard Move comes as an addition to Mastercard and Jack Henry’s collaboration, with the two companies utilising solutions in Open Banking, fraud protection, and marketing capabilities to assist in customer expansion and development. Commenting on the news, representatives from Jack Henry mentioned that including Mastercard Move into Jack Henry Rapid Transfers assists their company’s commitment to modernising digital payments. Additionally, the organisation underlined its dedication to enabling banks and credit unions with technologies that allow them to serve the needs, demands, and preferences of account holders.

Furthermore, provided through financial institutions, Jack Henry Rapid Transfers focuses on delivering several capabilities, including the ability to move money between accounts at different financial organisations. Initially, the service is set to be accessible through the Banno Digital Platform, Jack Henry’s digital banking solution that serves 1,000 banks and credit unions, as well as 13.2 million end users, according to company data.