Finance Breaking news Banks join RTP network through Jack Henry last financial news
Breaking-Finance.Com - Jack Henry & Associates, Inc.® (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, continues to scale its RTP® network connectivity and for the first time five banks have joined the network on the same day.
Breaking-Finance.Com - Dogwood State Bank, Raleigh, NC; First Fidelity Bank, Oklahoma City, OK; National Bank of Texas, Fort Worth, TX; Royal Bank, Elroy, WI; and Signature Bank, Rosemont, IL connected to the RTP network through JHA PayCenter™, marking the beginning of the scalable expansion of the nation’s newest real-time payments infrastructure.JHA PayCenter is a payments hub that enables banks and credit unions to provide a real-time payment experience, supported through Jack Henry’s core and digital solutions. It offers a single integration point to the RTP network.Tede Forman, Head of Consumer and Commercial Payments at Jack Henry, said, “The diverse banks and credit unions leveraging JHA PayCenter can provide their accountholders with real-time payments and access to money in the exact moment of need. JHA PayCenter is a turnkey payments hub that is supported with a truly unique implementation process that can seamlessly bring multiple financial institutions live at one time. We are the first technology partner onboarding multiple financial institutions in one day which is helping the RTP network expedite ubiquity.“Currently, 36 percent of the institutions live on the RTP network are using JHA PayCenter and we expect to onboard 20 to 25 financial institutions each month,” Forman added. “All of Jack Henry’s cores systems supporting banks and credit unions are fully integrated with JHA PayCenter which materially expedites our clients’ ability to begin processing real-time transactions. JHA PayCenter is another innovative payment solution that enables our clients to stay on the forefront of the payments industry.”The RTP network, developed by The Clearing House, is the first new payments infrastructure built in the U.
. in more than 40 years and is empowering financial institutions and businesses to implement innovative, value-added use cases for faster payments. The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds. By implementing the RTP network, these five banks join a rapidly growing number of financial institutions offering advanced new capabilities to their customers. The RTP network currently reaches 54% of U.S. demand deposit accounts, offers a flat pricing structure for all depository institutions regardless of size, and does not include volume discounts or have minimum volume requirements.“Today’s news demonstrates that the RTP network, working with Jack Henry, is scalable and ready to provide real-time payments capabilities to banks and credit unions throughout the United States,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “JHA PayCenter provides the ability to allow numerous financial institutions to join the RTP network at the same time, rapidly expanding the ability for financial institutions to offer enhanced faster payment capabilities to customers.”
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