Acquisition of next-generation, AI-driven, cloud-native digital payment platform further expands
"We are excited about the opportunity to add these next-generation solutions to our payments capabilities," said
Acquiring Payrailz supports Jack Henry's next-generation technology strategy that helps banks and credit unions innovate faster and meet the evolving needs of consumer and commercial accountholders. This acquisition also reinforces the company's mission to strengthen connections between people and financial institutions through technology and services that reduce the barriers to financial health.
This acquisition enhances Jack Henry's payments-as-a-service (PaaS) strategy, which is a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded fintech. Jack Henry supports the growing demand for PaaS with a virtual payments hub that consolidates money-moving solutions and supports numerous payment channels and types. Payrailz strategically complements this hub with next-generation capabilities for consumer and commercial bill pay, real-time person-to-person (P2P), account-to-account (A2A), business-to-customer (B2C) payments, and more.
"We are confident joining Jack Henry is in the best interest of our clients and our associates," said
Financial details and terms of the definitive purchase agreement were not disclosed. The acquisition is expected to close
Payrailz is a digital payments company offering advanced payment capabilities and experiences, including consumer and business bill pay, external and internal transfers, P2P, B2B, B2C, and other related solutions to banks and credit unions. Financial institutions can confidently embrace Payrailz's API-first and cloud-native technology engine to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow.
Jack Henry (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are "forward-looking statements." Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's
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Analyst Contact: Vance Sherard, CFA, Sr. Director - Corporate Development & Investor Relations, (417) 235-6652, or Press Contact: Mark Folk, Sr. Manager Corporate Communications, (704) 890-5323