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PayOps Innovator Infinicept Unveils New Embedded Finance Solution, Infiniport

PayOps Innovator Infinicept Unveils New Embedded Finance Solution, Infiniport
By David Penn Posted on
Categories: Daily news
  • Denver, Colorado-based PayOps innovator Infinicept unveiled its open payment operations solution, Infiniport.
  • The new offering will support orchestration between multiple processing platforms, enabling businesses to “bring their own processor” (BYOP) to their payments operations.
  • Infinicept secured $23 million in new funding this spring in a round co-led by SVB Financial Group and Piper Sandler Merchant Banking.

PayOps innovator company Infinicept launched its new open payment operations capability, Infiniport. The new offering gives customers the ability to interface with the processor or alternative payment rail of their choice, enabling companies using embedded payments to “bring their own processor” (BYOP) to their payments and business operations.

Infiniport will help support orchestration between processing platforms, which is essential for businesses that rely upon more than one payment processing relationship. The new offering from Infinicept means that companies will no longer be forced to choose between the cost and inflexibility of having a sole provider on the one hand, and building their own embedded payments platform on the other. Instead, Infiniport provides a universal platform giving firms the ability to work with a variety of payment processors, gateways, terminal providers, token solutions, and more.

“Infiniport is part of our vision to help the payment ecosystem avoid lock in and choose the right combination of solutions which best support their business needs,” Infinicept co-founder and co-CEO Deana Rich explained. “Most off-the-shelf payments solutions come with trade-offs, but Infinicept is focused on allowing customers to keep their payments revenue, ownership of their data, and control over their payments product and ultimately the customer experience.”

Among Infiniport’s features are compatibility with any gateway, terminal, orchestration solution, across any processor; standardized fee management and settlement operations across multiple processor relationships; and a one-to-many capability to operate and manage payments with any processor. The offering also enables companies to mix and match payment types, processors, and payout vendors.

Infinicept’s new product announcement comes as the company acknowledges a 1,400% increase in payment volume since 2020. A major player in the embedded finance market, more than 300 software companies are served either directly by Infinicept or through its banking and payments customers. Headquartered in Denver, Colorado and founded in 2011, Infinicept secured $23 million in new funding in May. The investment was led by SVB Financial Group and Piper Sandler Merchant Banking and featured participation from existing investor MissionOG and others. The company said that it will use the capital to further develop its PayOps technology, pursue market expansion opportunities, and invest in ways to continue supporting embedded finance.

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Santander Partners with Rocket Mortgage to Provide Digital Home Loan Experience

Santander Partners with Rocket Mortgage to Provide Digital Home Loan Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Santander Bank has selected Rocket Mortgage to provide its clients an online mortgage lending tool.
  • Rocket Mortgage will offer Santander clients exclusive discounts and resources to help them in their home buying journey.
  • Rocket Mortgage was among the first to offer a fully digital mortgage lending experience when it did so in 2015.

A partnership between Santander Bank and Rocket Mortgage is taking off today. Santander has selected online mortgage lending company Rocket Mortgage to serve as the as the exclusive preferred mortgage provider for its customers.

Santander will leverage Rocket Mortgage to offer its two million clients exclusive discounts and resources to help them in their home buying journey. The collaboration enables users to interact independently online or speak to a home loan expert via a phone call, email, or online chat.

“At Santander, we place the customer at the center of our business, and I’m pleased to be working with Rocket to deliver a convenient and simplified digital mortgage experience for our customers,” said Santander Bank Head of Consumer and Business Banking Patrick Smith. “Our relationship with Rocket Mortgage is another example of how Santander Bank is evolving our business and continuing to pursue opportunities for our customers to save, invest and manage their money at Santander.”

Santander is able to use its scale to secure discounts on loan costs and closing costs for its clients. Santander Private Clients and employees who close loans with the new platform can benefit from enhanced discounts.

Formerly known as Quicken Loans, Rocket Mortgage was a pioneer in digital mortgage lending. The company was among the first to offer a fully digital mortgage lending experience when it did so in 2015. The company closed $351 billion of mortgage volume across every U.S. state in 2021.

Photo by Kindel Media

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BlackRock Taps Coinbase to Facilitate Bitcoin Purchases

BlackRock Taps Coinbase to Facilitate Bitcoin Purchases
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Coinbase, Daily news
  • BlackRock has selected Coinbase to help its clients buy and sell bitcoin.
  • Under the partnership, clients of BlackRock Aladdin will benefit from Coinbase Prime.
  • Partnering with Coinbase will help BlackRock add digital currencies as an asset class for the first time.

Coinbase is partnering with BlackRock to help some of the asset manager’s institutional clients connect to Coinbase Prime, making it possible for them to buy and sell bitcoin.

Under the agreement, common clients of Coinbase and BlackRock’s end-to-end investment management platform Aladdin, will benefit from Coinbase Prime, a full-service platform to access crypto markets at scale. At the outset, Aladdin clients will be limited to using Coinbase Prime to buy and sell bitcoin.

With $10 trillion in assets under management, BlackRock offers clients a range of investment strategies, including alternative assets, sustainable investing, factor-based investing, systematic investing, and now digital assets. The company has 8,000 employees across the U.S. and works with more than 190,000 financial advisors to help build client portfolios.

The move adds cryptocurrency as an asset class for BlackRock clients for the first time. “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said BlackRock Global Head of Strategic Ecosystem Partnerships Joseph Chalom. “This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”

BlackRock and Coinbase will roll out functionality in phases to interested clients.

Coinbase was founded 2012 and went public late last year. The company trades on the NASDAQ under the ticker COIN. The news of a new client for Coinbase Prime has given Coinbase a boost this week after the recent crypto winter took its toll on the company, which announced a hiring freeze and layoffs earlier this summer. Coinbase’s market capitalization currently sits at $19.74 billion.

Photo by Alesia Kozik

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OCR Labs Brings its Digital ID Verification Technology to Bloom Money

OCR Labs Brings its Digital ID Verification Technology to Bloom Money
By David Penn Posted on
Categories: Alumni News, Daily news, OCR Labs
  • London’s OCR Labs announced a partnership with Bloom Money, a company that seeks to enhance financial wellness for immigrant communities.
  • Bloom Money will leverage OCR Labs’ technology to provide biometric and document verification during its onboarding process.
  • OCR Labs won Best of Show at FinovateAsia in Hong Kong in 2017.

London-based digital ID verification innovator – and Finovate Best of Show winner – OCR Labs has teamed up with Bloom Money, a platform that is geared toward helping diaspora communities in Europe better manage their finances. Bloom Money will use OCR Labs’ technology to conduct automated biometric verification, document verification, and reauthentication during the onboarding process for new customers.

Bloom Money bases its offering on what it calls “tried and tested” methods of money management – whether they are called contributions, ajo, hagbad, or pardna – used by communities around the world. The company decided to partner with OCR Labs to help it handle the challenge of working with diverse communities with a wide variety of identity documents to be accounted for. “OCR Labs Global is the only vendor who could accurately recognize people of different ethnicities and do liveness verification,” Bloom Money co-founder Nina Mohanty explained. Mohanty reflected on her own experience with the limitations of identity verification technology, saying that OCR Lab’s ability to verify more than 16,000 documents from more than 230 countries and territories is “critical” to the service Bloom Money offers.

“Bloom Money is building an app that is going to make the management of a rotating savings club far simpler and transparent for many communities,” OCR Labs General Manager International Russ Cohn said. “At OCR Labs Global, we are also making verification simple and transparent for the businesses we partner with. We believe that proving who your customers are shouldn’t be a barrier to scale.”

Founded in 2014 and launching its first solution in 2018, OCR Labs leverages optical character recognition technology, advanced facial matching technology using liveness detection and biometric digital verification to verify identity documents and provide highly accurate authentication. The company’s technology covers more than 16,000 identity documents in more than 140 languages, and provides a face matching accuracy of 99.997%. Making its Finovate debut at our developers conference, FinDEVr Silicon Valley, in 2016, OCR Labs earned a Best of Show award a year later upon its return to the Finovate stage for FinovateAsia in Hong Kong.

OCR Labs began the year with news of an investment of $30 million in Series B funding. The funding was led by Equable Capital, a New York-based family office, and will be used to help OCR Labs expand its team in both North America and EMEA. The financing takes the company’s total funding to $46 million.

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Thoma Bravo Scoops Up Ping Identity for $2.8 Billion

Thoma Bravo Scoops Up Ping Identity for $2.8 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ping Identity
  • Thoma Bravo is acquiring Ping Identity in an all-cash deal for $2.8 billion.
  • The acquisition will take publicly held Ping Identity into the private markets.
  • Thoma Bravo’s other recent fintech acquisitions include Bottomline Technologies, Digital Insight, and Ellie Mae.

Cloud-based identity software provider Ping Identity has agreed to be acquired by private equity firm Thoma Bravo. The all-cash deal is expected to close in the fourth quarter of this year for $2.8 billion.

“We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets,” said Ping Identity CEO Andre Durand.

Ping Identity was founded in 2002 and has since made seven acquisitions of its own, including passwordless identity verification company Singular Key, bot prevention and fraud intelligence firm SecuredTouch, intelligent authorization company Symphonic, blockchain-based identity startup ShoCard, AI-powered security company Elastic Beam, customer identity solution UnboundID, and Accells Technologies.

Ping Identity has leveraged this acquired expertise, in addition to its own in-house knowledge, to help enterprises remove passwords, prevent fraud, support Zero Trust. The company offers a no-code, drag-and-drop user interface to make its seemingly intimidating offerings more approachable for non-technical staff.

After the deal closes, Ping Identity, which is listed on the New York Stock Exchange with a market capitalization of $2.38 billion, will transition to a privately held organization. Before the company’s debut onto the public markets, Ping Identity was majority-owned by Vista Equity, which now owns 9.7% of shares in the Denver, Colorado-based company.

“Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the $50 billion Enterprise Identity security solutions area,” said Thoma Bravo Partner Chip Virnig. “Our shared commitment to growth and innovation, combined with Thoma Bravo’s significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry leading identity security experiences for the customers, employees and partners of large enterprises worldwide.”

Today’s purchase marks Thoma Bravo’s 91st acquisition. The firm takes a buy-and-build approach in which it acquires similar companies and consolidates them to create synergies and develop companies with greater scale, scope, and broader service offerings. Among the Illinois-based company’s most recent fintech purchases are Bottomline Technologies, Digital Insight, and Ellie Mae.

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Best of Show Winner BOND.AI Launches Embedded Finance Solutions Network for Banks and Businesses

Best of Show Winner BOND.AI Launches Embedded Finance Solutions Network for Banks and Businesses
By David Penn Posted on
Categories: Alumni News, Bond.AI, Daily news
  • Arkansas-based fintech BOND.AI recently unveiled its latest offering, The Bond Network.
  • The technology enables financial institutions and businesses to add modern financial health solutions to their platforms.
  • BOND.AI won Best of Show in its Finovate debut at FinovateFall 2018 in New York.

BOND.AI has launched The Bond Network, which leverages open banking to enable banks, credit unions, and businesses of all sizes readily access contemporary financial health solutions.

“There is nothing like The BOND Network in the market today that combines the utility of modern financial technology with the life-changing benefit of financial health,” BOND.AI CEO Uday Akkaraju said. “Our Empathy Engine and The BOND Network together will connect the dots between financial institutions and employers to get them back at the heart of peoples’ financial lives and spark a mutually prosperous relationship between them.” Akkaraju called the new offering “the next revolution in embedded finance.”

Headquartered in Little Rock, Arkansas and founded in 2016, BOND.AI demonstrated its Empathy Engine at FinovateFall 2018. The technology, which consists of three components – holistic analyzer, conversational intelligence, and path automator – helps financial institutions better understand customer behavior, provides an “age-agnostic” user experience, and meets the needs of both front-end users and back office workers.

Firms partnering with The BOND Network will get access to BOND.AI’s advanced Empathy Engine, as well as a curated set of solutions from selected fintechs. Financial institutions benefit from the ability to bring greater personalization to their banking customers as well as increase profitability. BOND.AI claimed that FIs can earn “at least one percent of their asset size” in greater revenues and savings. Employers embracing the technology can use it to embed AI-enabled banking and financial solutions, which enables them to better understand the financial health of their employees and devise strategies to increase productivity, boost engagement, and keep retention high.

Unveiled in June, the initiative went live with 16 financial institutions and employers as founding members. BOND.AI anticipates that the network will have “at least 50 partners” by the end of this year.

BOND.AI has spent much of 2022 adding talent to its team. In February, the company announced that Yogesh Asudani had joined BOND.AI as Executive Vice President of Partnerships. A month later, the company announced a pair of new hires – Kent Llewelyn and Amit Dhongde – to serve as Chief Technology Officer and Head of Technology, respectively.

Speaking of partnerships, BOND.AI also in March made fintech headlines for its collaboration with earned wage access and financial inclusion specialist GoDo. The company, headquartered in Atlanta, Georgia, offers a mobile app and debit card to enable employers to offer their employees real-time earned wage access. GoDo CEO James Ray said that the partnership with BOND.AI and access to its Empathy Engine will provide the kind of “intelligent coaching” that is “critical in helping people improve their financial lives and for solving the financial equity issues plaguing our country.”

BOND.AI has raised $5.2 million in funding. The company’s investors include FIS and Fund for Arkansas’ Future.

Photo by Evie Shaffer

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Pennsylvania-Based Fintech Savana Scores $45 Million in New Funding

Pennsylvania-Based Fintech Savana Scores $45 Million in New Funding
By David Penn Posted on
Categories: Daily news, Funding
  • Savana, a fintech headquartered in Pennsylvania, raised $45 million in new funding.
  • The new capital consists of a combination of equity and debt. Canadian investor Georgian led the equity component of the funding.
  • Savana will use the funds to fuel the continued growth of its Digital Delivery Platform.

Pennsylvania-based fintech Savana has secured $45 million in new funding. The capital infusion includes $10 million in debt financing. The Series A round was led by Toronto, Canada-based investor Georgian, and also featured participation from Fiserv – which also announced that it would expand its reseller agreement with Savana. The company will use the funds to power the growth of its Digital Delivery Platform, boost go-to-market activities, and accelerate its new capabilities roadmap.

“The banking industry is going through an incredible transformation,” Savana CEO, founder, and Chairman Michael Sanchez said. “This funding round will help support the growth of our digital delivery platform to enable any bank, whether new or going through transformation of existing technology infrastructure, to speed time to market of new products and services, support continuous digital innovation, and drive significant operational efficiency.”

Savana’s Digital Delivery Platform offers channel and product agnostic customer engagement, account servicing, and automated bank operations. The platform works with both new Gen3 cores as well as traditional core banking systems to provide universal digital delivery across all bank-assisted and consumer-direct channels. API-based and cloud-native, Savana’s Digital Delivery Platform gives financial institutions the ability to automate servicing for bank and credit union teams, as well as for customer-originated requests. The result is faster time-to-market and a more friction-free and consistent experience for customers and members, regardless of channel.

Founded in 2009, Savana is headquartered in Malvern, Pennsylvania, a township 25 miles west of Philadelphia. Last fall, the fintech announced that Live Oak Bank had converted its legacy bank operations to Savana’s process orchestration platform. A digital, cloud-based bank that serves small business owners in 50 states, Live Oak Bank was the leading SBA and USDA lender by dollar volume in 2020. Excluding PPP funds, Live Oak Bank has total assets of more than $6.9 billion.

“Our goal was to re-define what banking could become when we embarked on our transformation journey,” Live Oak Chairman and CEO Chip Mahan said. “We knew that the only way to create a more compelling customer value proposition was to lead with technology that enabled innovation, convenience, and speed of delivery from the core to the customer. Savana is a key component of our end-to-end solution.”

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American Express Unveils Cross-Border Payments Tool for Businesses

American Express Unveils Cross-Border Payments Tool for Businesses
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, American Express, Daily news
  • American Express is launching American Express Global Pay, a cross-border payments tool for U.S. small businesses.
  • Businesses can use American Express Global Pay to pay suppliers in more than 40 countries and in 12 currencies.
  • American Express did not disclose exact fees, but said that it will display the fees when the business is creating the payment.

American Express is helping small businesses keep up with global competition with its launch of American Express Global Pay, a new cross-border payments tool for small businesses based in the U.S.

American Express Global Pay allows U.S. businesses to make domestic and international B2B payments to suppliers in more than 40 countries and in 12 currencies using the mobile-optimized website. Eligible customers can earn one Membership Rewards point for every $30 in equivalent foreign exchange payments.

“Businesses today start, grow and compete on a global scale,” said American Express Executive Vice President of Global Commercial Services Dean Henry. “Our U.S. Small Business Card Members told us they want an international payment solution focused on simplicity, convenience and the chance to earn rewards – so we built American Express Global Pay to enable these businesses to easily and effectively manage their B2B payments globally on a secure platform, backed by the trusted service and unique benefits of American Express Membership.”

Available to eligible U.S. American Express Small Business Card Members, American Express Global Pay enables users to access the cross-border tool in the same location they manage their American Express Business account and offers same-day delivery of funds in select countries.

While American Express has not disclosed exact fees, the company said that it will display the fees when the business is creating the payment. “In addition to these fees, we also make money from the purchase and sale of foreign currency,” American Express said. “Recipient banks or intermediary banks may charge their own fees, which can reduce the amount delivered to your recipient.”

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Yext Announces Early Access Availability for its Summer ’22 Release

Yext Announces Early Access Availability for its Summer ’22 Release
By David Penn Posted on
Categories: Alumni News, Daily news, Yext
  • Yext announced the early access availability of its Summer ’22 release.
  • The New York company specializes in helping companies improve the way customers query their websites and apps for information about their businesses.
  • Yext made its Finovate debut in 2020 at FinovateFall.

Yext, a technology firm that leverages AI to collect and organize company information and provide it to customers, employees, and partners, announced that its Summer ’22 Release is now available for early access. The company announced last week that its solution now includes a number of new features that address a variety of business needs.

“Businesses today have to contend with an increasingly complex digital landscape,” Yext SVP of Product Management Maxwell Shaw said. “Instead of managing dozens of single-purpose applications, organizations should be empowered to consolidate essential functionality into one platform that can power both first and third-party experiences.”

The new features include:

  • Listing Updates: Provide greater visibility into engagement metrics and top keywords for enhanced search results. Improve status detail messages for better troubleshooting.
  • Custom Pages Development: Offers an improved, open architecture to enable external developers to create SEO-optimized landing pages at scale.
  • AI Data Cleaning. Applies a machine learning model for cleaning data, providing greater flexibility for developers who want to write complex functions or format data manually. Available currently as a Preview feature.
  • Fully Custom Search UI: Includes a new React component library which gives businesses new tools to build custom, AI-powered search experience frontends.
  • Solstice Algorithm Update: Leverages the Solstice algorithm update to enable administrators to optimize search experiences with Custom Phrases. Introduces Multi-Hop Relationship to support more complicated user queries.

Yext demonstrated its technology at FinovateFall 2020. The New York-based company showed how its technology helps streamline the way customers find answers to their queries when visiting a company’s website or app, using direct answers and calls-to-action. This helps boost conversion, lower operational costs, and generate new potential sources of customer intelligence to fuel future marketing efforts.

“Your marketing teams are spending a lot of money and effort driving customers to your site. We’re going to show you how to stop losing those customers because of your site experience,” Yext Head of Industry for Financial Services and Insurance Shane Closser explained during the company’s FinovateFall 2020 demo. “There’s no other solution in the market, especially within financial services, that you can deploy within six to eight weeks and see a demonstrable marketing ROI. Typically what we see is a 2x to 3x improvement in search experiences (for) users browsing your website.”

Founded in 2006, Yext began this year with a round of new platform additions for its Winter ’21 release, including listing modernization, consumer authorization, connector updates, and a feature called “Answers Headless React” which gives businesses new tools to build custom, AI-powered search experience frontends. This spring, the company announced a significant leadership transition that put board chair Michael Walrath in the CEO seat and named former Yext Chief Accounting Officer Darryl Bond as CFO. Yext also promoted Chief Strategy Officer Marc Ferrentino to the position of President and Chief Operating Officer.

With customers such as BBVA, Banner Bank, Farmers, and Citizens Financial, Yext is a publicly traded company on the New York Stock Exchange under the ticker YEXT. The company has a market capitalization of $550 million.

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Uber Launches New Driver Debit Card

Uber Launches New Driver Debit Card
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Green Dot, Marqeta, MasterCard
  • Uber is launching a new debit card with tandem checking account.
  • The Uber Pro debit card is made available via partnerships with Mastercard, Marqeta, and Branch.
  • Uber Pro cardholders can receive up to 7% cashback on fuel purchases.

Uber’s latest attempt to attract more drivers to its platform comes in the form of a debit card with a tandem checking account. Late last week, the rideshare company announced the Uber Pro debit card.

The new debit card comes courtesy of partnerships with Mastercard, Marqeta, and Branch, a workforce payments platform that caters to gig economy workers and contractors. The card offers Uber drivers up to 7% cash back on gas purchases when they achieve Diamond status as an Uber Pro driver.

The Uber Pro card comes with a checking account powered by Branch, which will automatically deposit cardholders’ earnings into their account after every trip. Branch offers a unique take on earned wage access by enabling workers to access their paycheck as they earn it. The card currently has a wait list and will launch in the coming weeks.

This latest announcement comes three years after Uber originally introduced Uber Money, a debit card and mobile app powered by Green Dot, and five years after the company launched its Barclays-powered credit card.

The launch of the Uber Pro card comes alongside a handful of other driver-related announcements from the ridesharing company. The Uber app will now offer drivers a range of nearby trips to choose from, show drivers their exact earnings upfront before they accept a trip, and offer enhanced benefits to Uber Pro drivers.

These driver-focused benefits are in part an effort to smooth out the supply and demand issue that Uber is facing. The nationwide labor shortage, combined with high fuel prices, has historically made it difficult for Uber to attract drivers. In May, Uber CEO Dara Khosrowshahi said, “Our need to increase the number of drivers on the platform is nothing new nor is it a surprise … there’s a lot of work ahead of us, but this is a machine that is rolling.”

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Rapyd to Power Rakuten Viber’s New Viber Pay

Rapyd to Power Rakuten Viber’s New Viber Pay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Rapyd has partnered with Rakuten Viber this week.
  • Rapyd will facilitate in-app payments for Viber users.
  • “Through this partnership, Rakuten Viber can confidently step into the world of payments and become a leader in embedded finance, supported by Rapyd’s licensed end-to-end fintech offerings,” said Rapyd CEO Arik Shiltman.

Payments platform Rapyd partnered with consumer-facing messaging app Rakuten Viber today. Under the agreement, Rapyd will facilitate in-app payments for Viber users.

“The future of payments is integrated fintech, and this partnership demonstrates why we founded Rapyd in the first place: to democratize fintech for all,” said Rapyd CEO Arik Shiltman. “We’re proud to provide the infrastructure and licensing for global companies like Rakuten Viber, one of the world’s most trusted and recognized messaging and communications platforms, to develop their own financial services without them having to build the foundation from scratch. Through this partnership, Rakuten Viber can confidently step into the world of payments and become a leader in embedded finance, supported by Rapyd’s licensed end-to-end fintech offerings.”

The move places Rakuten Viber squarely in the center of the global digital payments space. Viber users can use the messaging service to send and receive money instantly, with no fees. Recipients can store money in a mobile wallet with an IBAN, which is available in the Viber app. Rakuten Viber is launching the service in Greece and Germany, where users can transact in Euros. The company will later expand into multiple currencies and will roll out to more countries.

Founded in 2016, Rapyd is a fintech-as-a-service innovator that offers a payments network and platform to facilitate local and international supplier and customer payments. The company has offices in London, Tel Aviv, San Francisco, Denver, Dubai, Miami, Singapore, Iceland, and Hong Kong.

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Jack Henry Partners with Victor Technologies to Boost Real-Time Payment Capabilities

Jack Henry Partners with Victor Technologies to Boost Real-Time Payment Capabilities
By David Penn Posted on
Categories: Alumni News, Daily news, Jack Henry
  • Jack Henry & Associates announced a partnership with Victor Technologies.
  • The partnership will help Victor Technologies move forward with its instant payments strategy.
  • Jack Henry & Associates serves more than 8,000 customers in the U.S. via its Jack Henry Banking, Symitar, and ProfitStars brands.

Financial services provider Jack Henry & Associates has partnered with Victor Technologies to help advance its instant payments strategy. A subsidiary of MVB Edge Ventures and part of MVB Bank, Victor Technologies leverages both its integrated risk management technology as well as APIs to enable fintechs to embed financial services. The company has added real-time payments (RTP) capabilities via Jack Henry’s JHA PayCenter, which will enable MVB Bank’s Jack Henry core to send and receive real-time payments.

“Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients,” Victor Head of Strategy and Operations said. “The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time. This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours. The addition of real-time payments gives end-users quicker access to their money.”

MVB Bank is the first Jack Henry client to go live using the company’s RTP Send functionality, and the bank intends to offer RTP Request for Payment services, as well. The ability to offer both solutions will make it easier for Victor Technologies to provide its customers with the kind of faster payment needs their businesses require.

A Finovate alum since 2010, Jack Henry & Associates serves 8,000 clients around the country via its three signature brands: Jack Henry Banking, Symitar, and ProfitStars. The company leverages these brands to deliver innovative solutions to community and regional banks, credit unions, as well as corporate entities and large-scale financial institutions. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry & Associates’ partnership announcement with Victor Technologies comes just one month after Jack Henry announced that more than 250 financial institutions have taken advantage of its JHA PayCenter – and its connections to both The Clearing House RTP network and the Zelle Network – to execute their faster payment strategies.

“We strategically built JHA PayCenter to support the diverse faster payments strategies of Jack Henry clients, financial institutions using third-party core and digital platforms, as well as other fintechs,” Jack Henry & Associates VP of Payment Solutions Tede Forman said. “The payments hub virtually eliminates the inherent technology and staffing challenges experienced by financial institutions that elect to build and maintain direct connections to one or multiple faster payments networks.”

Photo by Fabrizio Verrecchia

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