Jack Henry Associates, a technology and payment services provider, has partnered with Visa to work on speeding up person-to-person (P2P) payments.
According to Jack Henry, the P2P payments hit $375 billion around the world and by 2020 the US market alone is expected to hit $200 billion. The company says this increasingly valuable industry means companies must take the initiative and add benefits such as faster payments.
Visa will use Jack Henry’s solutions to allow recipients to receive funds on the same day or one day sooner based on the institution’s funding model. Customers can use their debit card number instead of account or routing numbers.
Greg Adelson, general manager of the JHA Payment Solutions group, commented, “P2P payments are fundamental to today’s financial experience. They help roommates pay bills and friends share expenses; they’re part of the everyday commerce that banks should own.
Earlier in the year, customers at US Bank and Bank of America started to make real-time P2P payments. The payments move over the clearXchange network, initially formed by a number of US banks including US Bank and Bank of America alongside Capital One, Wells Fargo, Chase back in 2011 to process P2P payments from email or mobile numbers.
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