Fintech firm Jack Henry & Associates has introduced a proprietary payments hub, which will offer a single integration point to faster payment networks for financial providers.
Dubbed JHA PayCenter, the new payment hub will offer the vendor’s core clients access to faster payment networks such as Zelle and the RTP network.
The process is said to be a low cost one.
Through the hub, financial providers can centralise the manner in which real-time payments are sent and received, Jack Henry said.
According to the vendor, the hub’s open infrastructure has been designed to facilitate product development.
The new payments hub will have a phased roll-out this year.
The debut implementation by a financial institution is scheduled in May, with aggressive client adoption expected next year.
Target is to sign up around 25 institutions to the hub on a monthly basis.
At present, Jack Henry is in the process of certifying real-time messaging, posting to the core, data contribution, settlement and reconciliation processes.
Jack Henry vice president and JHA Payment Solutions general manager Greg Adelson said: “With JHA PayCenter, regional and community financial institutions can remain at the centre of the payments experience and offer emerging technologies faster and with significantly less expense than they would by initiating this effort on their own.”