ProfitStars' iPay Solutions Generates Steady Increase in P2P Activity and Transaction Amounts Integrated, standalone P2P solutions demonstrate relevance and interest in P2P payments
MONETT, Mo., Feb. 20, 2013 /PRNewswire/ -- Jack Henry & Associates Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that the iPay Solutions™ person-to-person (P2P) payments service processed more than 1.8 million payments during the first half of the 2013 fiscal year, which spanned July 1 to December 31, 2012. Those payments totaled more than $1.2 billion.
iPay Solutions has supported P2P payment functionality for almost 10 years, first integrating the service into its standard consumer and small business online bill pay solutions before introducing its standalone P2P offering, TheWayiPay™, in September 2010. Today, more than 2,700 financial institutions use iPay Solutions for P2P payments.
From October through December 2012, iPay Solutions experienced a more than 38 percent increase in P2P users and more than 37 percent increase in payments compared to the same quarter from the previous year. The average payment amount per transaction also increased to $719.
Greg Adelson, group president of iPay Solutions, said, "We have clearly seen exponential growth in the number of subscribers and transactions as well as transaction amounts for the last few years. We believe the ongoing evolution of mobile devices and their prevalence in daily financial management will surely support a significant rise in P2P adoption. We are committed to working with financial institutions to drive transaction activity within their payment channels."
Leveraging the market maturity and optimum flexibility of its P2P technology, iPay Solutions can offer financial institutions a product that is either deeply integrated within its bill pay platform or that operates independently. TheWayiPay uniquely ensures that each bank or credit union's P2P platform is fully branded and that end users are directed back to the financial institution's website. TheWayiPay enables anyone in the U.S. with a bank account to send and receive money using only the recipient's name and email address.
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in five performance-boosting solution groups – Financial Performance, Imaging and Payments Processing, Information Security and Risk Management, Retail Delivery, and Online and Mobile. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,900 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community to mid-tier institutions with information processing solutions. Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.