Jack Henry & Associates Inc. announced Sept. 9 it is launching a person-to-person payment system based on technology from iPay Technologies, a company it bought in June. The service, called TheWayiPay, enables online-banking users to send funds to other individuals using only the recipient’s name and e-mail address.
The transaction processor based the service on an iPay system more than 2,150 financial companies already use as a function of the company’s bill-pay services. Consumers use the iPay system to conduct more than 96,000 transactions per month, ranging in value from $1 to more than $10,000.
Banks may offer the new TheWayiPay version as a standalone service, and Jack Henry says it plans to make it available in the fourth quarter.
“Until recently, P2P (funds transfer) was an innovative technology looking for a market and widespread adoption,” Bill Ready, iPay 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 for P2P.”
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