Jack Henry is a financial technology company that connects financial institutions with their clients. The firm focuses on openness, collaboration, and user-centricity, providing banks and credit unions with modern capabilities and integration options with fintech companies.
Alternatively, Moov is a cloud-based payment processor designed to simplify payments for developers and businesses. It allows businesses to accept, store, send, and spend money through a single integration.
The introduction of Visa Direct, which allows for the direct transfer of funds to eligible cards, bank accounts, and wallets globally, is a key component of Jack Henry's previously announced partnership with Moov. This collaboration aims to empower community and regional financial institutions to provide comprehensive and secure digital payment services to both consumers and small to medium-sized businesses (SMBs).
Available only through financial institutions, Jack Henry Rapid Transfers is a cloud-native solution designed to facilitate real-time account-to-account money transfers via the Visa Direct network. Once fully deployed, this service will deliver a variety of advantages, including:
instant account transfers, with users being able to transfer funds between accounts at various banks without delays;
immediate access to funds for unforeseen expenses, travel needs, or urgent payments.
Officials from Visa stated that by integrating Visa Direct with Jack Henry Rapid Transfers, Jack Henry's clients and their end customers will gain access to real-time money movement services.
In September 2024, Jack Henry revealed its partnership with Moov to upgrade digital payment services for SME customers at community and regional institutions.
With this collaboration, the cloud-native solution enabled SMBs to accept payments by tapping their phones, receive same-day funding for processed payments, and automate reconciliations with their accounting software. Furthermore, this solution was available through financial institutions and companies, empowering them to meet their business customers' deposit and payment requirements comprehensively.
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