MONETT, Mo. – Jack Henry & Associates is the latest vendor to offer a person-to-person payments system.
The company’s TheWayiPay is a standalone version of the iPay P2P electronic payment solution, which is provided by its recently acquired iPay Technologies division.
TheWayiPay allows anyone in the U.S. with a credit union or bank account to send and receive money using their existing accounts. This electronic payment service is accessible through financial institutions' websites and leverages the same secure processing as online banking transactions.
Payments can be made using only the recipient's name and e-mail address. The money is deducted from the sender's account and deposited directly in the recipient's account in one to three business days with payment confirmations sent to the recipient's e-mail address. The company said the ability to electronically transfer funds between accounts and financial institutions provides a convenient, easy-to-use, secure service that simplifies financial management and provides an additional payment alternative.
Jack Henry acquired iPay in June.
