Jack Henry & Associates Inc. said Monday it has completed its purchase of the bill-payment provider iPay Technologies LLC.

The Monett, Mo., banking technology vendor paid $300 million in cash for the Elizabethtown, Ky., company, which has become a wholly owned subsidiary.

"This acquisition, which represents our largest to date, expands our presence and potential in the growing payments industry with a highly competitive online bill-pay solution," Kevin Williams, Jack Henry's chief financial officer, said in a press release.