Jack Henry & Associates has announced that the first 15 financial institutions will implement JHA PayCenter to connect to the RTP network from The Clearing House.
JHA PayCenter is a proprietary payments hub that will enable banks and credit unions to provide a real-time payment experience, supported through Jack Henry's core and digital solutions. It will offer a single integration point to current and future faster payment networks, including the RTP network, a new payment network that financial institutions can use to clear and settle real-time business and consumer payments.
Pegasus Bank, which has more than US$657m in assets, is part of the initial intake. For the first time, it will be able to offer its commercial and consumer accountholders the ability to receive real-time payments sent by accountholders at a continually expanding number of federally-insured depository institutions without incurring interbank settlement risk.
"JHA PayCenter gives our institution the clearest, most cost-effective path to making faster payments a reality – now and as additional options emerge," said Jenny Murphey, executive vice president and chief operating officer for Pegasus Bank. "Joining the RTP network will allow us to offer our customers more efficient payment services and empower them to receive their money faster with payments that clear and settle in real time."
"We are strategically focused on providing modern payment solutions that help financial institutions of all sizes and charters deliver secure, convenient payment experiences," added Greg Adelson, vice president of Jack Henry & Associates and general manager of JHA Payment Solutions. "We look forward to partnering with Pegasus Bank and many other institutions as they continue to modernise their payment channels and meet the growing demand for real-time payments."
The RTP network currently reaches more than 50% of US transaction accounts and adoption is growing. RTP technology will enable diverse financial institutions to create new payment services and ultimately allow users to exchange non-payment messages and leverage other value-added features.
Like this item? Get our Weekly Update newsletter. Subscribe today