Business
Jack Henry and Victor Offer Embedded Payments Platform for Regional and Community Financial Institutions to Better Support Business Customers
Direct-to-core integration enhances deposit and non-interest fee income potential MONETT, Mo., Sept. 30, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY)
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"Direct-to-core integration enhances deposit and non-interest fee income potential\nMONETT, Mo., Sept. 30, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announces the expansion of its collaboration with Victor Technologies, Inc., a subsidiary of MVB Edge Ventures, Inc. and part of MVB Bank, Inc. The companies launched an embedded-payments management platform to help Jack Henry's financial institution clients capitalize on Payments-as-a-Service (PaaS) market opportunities. MVB Bank, Dart Bank, and BayFirst National Bank are using the platform today.\n\n \n \n \n \n \n \n\n \nWhile many financial institutions are considering PaaS, only 3% currently offer the service. Early iterations of PaaS were challenged by insufficient accounting and audit controls. The Victor PaaS platform, built under the oversight of MVB Bank with financial institutions in mind, gives financial institutions more direct control and visibility within this transparent, direct-to-core PaaS offering. With this integration, financial institutions will have the opportunity to grow low-cost deposits and non-interest fee income.\nMaf Sonko, Chief Operating Officer at Victor, explained, \"The payments landscape is changing. Payments are increasingly a part of businesses' strategies to improve the customer experience with instant payments, wallet integrations, financing options, and loyalty programs. It's critical for financial institutions to support and facilitate this transformation. By working with Jack Henry, we are empowering more financial institutions to support embedded payments for their commercial clients. This will positively impact the growth of both financial institutions and their clients.\"\nFinancial institutions on Jack Henry's SilverLake core can now leverage Victor's embedded payments platform, allowing corporate clients, software companies, and fintechs to seamlessly embed payments capabilities through a single API. The core integration allows for transaction-level, near real-time reconciliation, safeguarding the financial institution from clients spending funds they have not yet reconciled. The platform also provides a single source of truth for money movement and compliance reporting.\nFinancial institutions are using the platform to serve a wide range of business entities and fintechs across a robust set of payment types. Current use cases inc...