Jack Henry & Associates Inc. said Thursday that it is launching a person-to-person payment system based on technology from iPay Technologies, a company it bought in June.
The service, TheWayiPay, lets online banking users send money to others, using only the recipient's name and e-mail address.
The system is based on an iPay service already in use with more than 2,150 financial companies as a function of iPay's bill-payment services. The iPay service is used for more than 96,000 transactions a month.
The new version can be offered by banks as a stand-alone service and will be available in the fourth quarter.
"Until recently P-to-P was an innovative technology looking for a market," Bill Ready, iPay's president, said in a press release. "But the increasing usage of online and mobile banking and e-commerce are now creating a strong and growing demand."
