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Jack Henry Expands Real-Time Payments Presence with the New FedNow Service
Proprietary payments hub provides ready-built connection to the latest real-time payments network MONETT, Mo., May 15, 2023 /PRNewswire/ -- Jack Henry™
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"Proprietary payments hub provides ready-built connection to the latest real-time payments network \nMONETT, Mo., May 15, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that it is operationally ready to support the launch of the Federal Reserve's real-time payments network, the FedNowSM Service. Jack Henry has actively participated in the development of the newest network, expected to launch in July 2023. More than 20 Jack Henry clients will participate in the supporting pilot and early adopter program.\n\n \n \n \n \n \n \n\n \nFedNow is an instant payments network that moves funds directly and immediately between financial institution accounts in the United States. The network will initially support multiple use cases and serve as a platform banks and credit unions can leverage to develop innovative payments solutions that support evolving instant payment needs and additional use cases.\n\"Processors play an important role in enabling the FedNow Service for many financial institutions,\" said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. \"We appreciate the commitment that Jack Henry has made to be ready to deliver instant payments services when we launch in July.\"\nAlabama-based Bryant Bank and HawaiiUSA Federal Credit Union will be among the first financial institutions to implement the FedNow Service using JHA PayCenter. \n\"Partnering with Jack Henry through the use of JHA PayCenter to offer the ground-breaking FedNow Service aligns with a core value of Bryant Bank – preserving our traditional culture while embracing innovation,\" said Elizabeth Allen, chief operating officer for Bryant Bank. \"The ability to provide customers with access to multiple payment channels and faster payment methods empowers the potential of Alabamians.\"\n\"Over two years ago, we were elated to be chosen as one of the 120 organizations in the FedNow pilot program,\" said Scott Young, vice president of payments operations for HawaiiUSA Federal Credit Union. \"We decided to be part of the program because we wanted to have input on how the instant payments rail was going to operate and ensure that the needs of financial institutions in Hawaii were being considered. FedNow will level the playing field and help us compete with the large financial institutions on the mainlan...