Partnerships / Acquisitions

Jack Henry & First Data Partner To Expand Its Credit Card Platform

Jack Henry & Associates, the provider of technology solutions and payment processing services primarily for the financial services industry, announced Thursday (May 4) that it has entered into a strategic services agreement with First Data, the payment technology and services company.

In a press release, under the deal the two will further expand Jack Henry’s credit and debit card platform offered to financial institutions by its JHA Card Processing Solutions group.

“This agreement demonstrates our commitment to developing sound relationships that keep our clients competitive and their cardholders happy. After careful due diligence, we are confident that First Data and PSCU are the partners we want as we invest in the future of our credit and debit card platforms. Our financial institution clients can now enjoy expanded card processing solutions while continuing to reap the benefits of full integration and the superior service they expect from Jack Henry & Associates,” said David Foss, president and CEO of Jack Henry in the release.

Through this agreement with First Data and PSCU, Jack Henry & Associates will further enhance the capabilities of its card platform by providing credit, debit and ATM card processing; enhanced data analytics; sophisticated dashboards; enhanced fraud monitoring; flexible rewards and loyalty programs; access to the preferred STAR Network and other features, the company said.

The new combined services will allow Jack Henry & Associates to provide full-service credit and debit card processing to all existing core bank and credit union clients on a single platform, as well as expand its card processing platform to financial institutions outside the JHA core client base.

“Building on a relationship with PSCU spanning more than two decades, First Data is proud to also partner with Jack Henry & Associates to deliver comprehensive technology solutions to the financial institutions that work with Jack Henry every day,” said Frank Bisignano, chairman and CEO of First Data in the same press release. “Over the past several years, First Data has invested in building out our enterprise solutions for financial institutions, and this strategic partnership allows us to deliver innovative tools to an expanded portfolio of financial institutions and STAR Network clients.”

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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