MONETT, Mo., Oct. 4, 2016 /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 JHA Payment Solutions™ group today announced that it has partnered with Visa® to deliver faster P2P (person-to-person) payments to a recipient's Visa debit card.
Worldwide, P2P payments surpassed $375 billion in 2015, and the U.S. market is expected to surpass $200 billion by 2020. Financial institutions are taking more initiative to compete in this growing market through benefits such as faster payments. JHA Payment Solutions' integration with Visa Direct allows recipients to receive funds on the same day or one day sooner based on the institution's funding model. Recipients have the convenience of providing their debit card rather than an account and routing number.
JHA Payment Solutions provides technology that simplifies the complexity of payments so that money can move quickly and efficiently. The group began offering P2P in 2005 and volumes of payment transactions have grown consistently since its inception. This partnership will accelerate that growth.
Greg Adelson, general manager of the JHA Payment Solutions group, commented, "P2P payments are fundamental to today's financial experience. They help roommates pay bills and friends share expenses; they're part of the everyday commerce that banks should own. JHA Payment Solutions is committed to providing financial institutions with the tools and strategy they need to aggressively compete with non-bank entities and continually evolve the P2P experience."
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its solutions serve approximately 10,500 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a 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.