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Enhancing Payment Solutions: Jack Henry and Mastercard Join Forces

In an exciting development for financial technology, Jack Henry™ (Nasdaq: JKHY) has announced a strengthened collaboration with Mastercard to introduce Mastercard Move. This initiative aims to provide faster and more seamless domestic payment solutions to consumers and small businesses across the United States. The partnership is designed to enable nearly real-time transactions through Jack Henry Rapid Transfers™, a cloud-based service that enhances the money transfer experience for users.

Revolutionizing Money Transfers

Mastercard Move is a comprehensive suite of money transfer tools that not only provides swift and secure payment options but also facilitates the immediate availability of funds directly to various financial accounts, including cards, bank accounts, and digital wallets. This innovative approach is expected to revolutionize the way banks and non-bank financial institutions manage money transfers, making it easier for customers to access and utilize their funds with confidence.

This new collaboration is part of a broader initiative by Jack Henry and Moov, which seeks to empower banks and credit unions to offer robust digital payment services tailored for both individual consumers and small to medium-sized businesses. The integration with Mastercard Move is a significant addition to the long-standing relationship between Jack Henry and Mastercard, characterized by shared values of leveraging technology to advance financial services.

Key Benefits and Features

With the implemented Mastercard Move, Jack Henry Rapid Transfers will provide several key benefits:

• - Near Real-Time Transactions: Customers will experience expedited money movement options without the traditional delays associated with interbank transfers.
• - Multiple Payment Use Cases: The service will accommodate a wide variety of payment scenarios, from personal account funding to business transactions.
• - Seamless Integration: Initially available through the Banno Digital Platform™, which is a rapidly growing digital banking solution serving thousands of banks and credit unions nationwide, Jack Henry Rapid Transfers is positioned to transform the user experience.

Comments from the Leaders

Greg Adelson, President and CEO of Jack Henry, expressed the significance of this integration, stating, "Integrating Mastercard Move into Jack Henry Rapid Transfers marks a crucial step in our mission to modernize digital payments. We are dedicated to equipping banks and credit unions with innovative technologies that put them at the core of their relationships with accountholders."

Chiro Aikat, Co-President of Mastercard in the United States, echoed these sentiments, highlighting how this next phase of collaboration is intended to enhance Jack Henry's customer capabilities. "The near-real-time availability of funds will not only streamline account opening procedures but will also offer extensive payment options for our commercial clients. We are enabling a two-way street for our customers to both send and receive money effectively, thus encouraging greater participation in the digital economy."

About Moov

Moov is a unique payment processing solution crafted entirely for the cloud. It endeavors to simplify payment processing for businesses, enabling them to accept, store, send, and spend money with minimal complexity. Moov is known for supporting developers through open-source initiatives, fostering a vibrant community focused on innovative payment solutions. More details about Moov's offerings can be found at moov.io.

About Jack Henry & Associates

Jack Henry & Associates, Inc. is a well-established player in the financial technology space, dedicated to strengthening connections between financial institutions and their customers. With an extensive portfolio of services, Jack Henry prioritizes user experience and collaboration. This commitment has enabled them to serve approximately 7,500 clients effectively, all while innovating solutions that address the evolving needs of their accountholders. More information about their services can be accessed at jackhenry.com.

As the financial landscape continues to evolve, this collaboration between Jack Henry and Mastercard paves the way for a more modern approach to money transfers and payment solutions, making financial transactions smoother and more efficient for all users.