Business
Jack Henry & Associates Introduces Near Real-Time Card-Funded Bill Payments
MONETT, Mo., Dec. 4, 2019 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":" MONETT, Mo., Dec. 4, 2019 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, the JHA Payment Solutions™ group has announced iPay CardPaySM, an enhancement to its consumer 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. \nAccording to a recent U.S. Consumer Payment Study, more than 75% of consumers prefer to pay with a debit or credit card. iPay CardPay enables Jack Henry banks and credit unions to offer an expanded, relevant bill pay experience based on users' preferences for convenience and instant \"pay now\" gratification, and on their desire to optimize card benefits such as rewards. \nPlus, card-funded payments can help boost an institution's bill pay transaction volume and provide the opportunity to generate ongoing non-interest fee income. 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 organizations.\nLouise Hilliard, senior vice president at Ogden, Utah-based Goldenwest Federal Credit Union has launched iPay CardPay to its 29,000 active bill pay members. She explained, \"Bill pay is considered one of those sticky services, but in a traditional sense does provide much extra value to the institution offering it. Everyone wants payments to move faster; card-to-card transactions are quick and give users the incentive of rewards. iPay CardPay elevates our bill payment capabilities to be a differentiating service, showing members that we are making payments easier and faster while giving them the opportunity to earn points at the same time. Plus, we're turning bill pay into a product that can benefit the credit union as a new revenue stream.\" \nSince September, Goldenwest FCU has offered triple points for any card-not-present charges and is extending triple-point rewards for all transactions during November and December. The credit union has centralized how its members can manage and edit bill payment activity, as well as the cards used for those payments.\nTede Forman, group president of iPay Solutions at Jack Henry, said, \"With so much compet...