The Clearing House (TCH) reported that 15 Jack Henry & Associates financial institutions (FIs) will use JHA PayCenter to connect to the RTP network, TCH said in a press release on Tuesday (Oct. 29).
TCH’s RTP network gives FIs of all sizes the ability to clear and settle real-time payments. Jack Henry’s JHA PayCenter is a payments hub for banks and credit unions.
Pegasus Bank was among the first 15 banks to use JHA PayCenter to connect to the RTP network, and it is anticipated that more Jack Henry clients will sign on.
“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.”
More than half of U.S. transaction accounts have adopted the RTP network, which is expected to “lead to the development of modern payment services that will ultimately allow users to exchange non-payment messages and benefit from other value-added features,” the release indicated.
“We are strategically focused on providing modern payment solutions that help financial institutions of all sizes and charters deliver secure, convenient payment experiences. We look forward to partnering with Pegasus Bank and many other institutions as they continue to modernize their payment channels and meet the growing demand for real-time payments,” said Greg Adelson, vice president of Jack Henry & Associates and general manager of JHA Payment Solutions.
Fiserv, Fidelity National Information Services (FIS) and Jack Henry & Associates control the majority of the core banking services market, linking financial institutions and FinTechs to infrastructure to run their own banking operations. The three have secured 90 percent of U.S. banks with less than $1 billion in revenues as customers, and they continue to secure greater market share as their B2B services stretch beyond core infrastructure and into areas like helping institutions launch websites and mobile apps.