On-Site Cash Transfer Infrastructure Grows in North America

Regional banks and financial institutions in North America are now equipped to offer business clients instant cash transfers at any hour, including emergency funds and transactions between accounts at different banks.

Jack Henry is incorporating Visa Direct into its Fast Transfers service, allowing regional and community banks, as well as credit unions operating in North America, to provide small and medium-sized enterprises with the capability to execute instant payments and transfers to cards, bank accounts, and digital wallets.

Specifically, the Visa Direct integration will facilitate:

• 24/7 instant transfers between accounts at different banks;
• continuous access to funds for unexpected expenses, travel, or urgent payments;
• direct transfers to cards, bank accounts, and digital wallets, enabled by compatibility with various payment methods.

Yanilsa Gonzalez-Ore, SVP at Visa for Cash Movement North America, highlighted that the collaboration with Jack Henry will address the increasing demand for immediate payments among small and medium-sized businesses served by regional banks.

This initiative represents the initial phase of a strategic partnership between Jack Henry and cloud-based payment processor Moov, aimed at enhancing payment solutions for financial institutions and small businesses. In the near future, the company intends to broaden the service’s functionalities with a cloud-based payment acceptance platform, assisting regional banks in boosting competitiveness, attracting new clients, and increasing deposit volumes.

On January 10, 2025, a new set of regulations partially came into effect, mandating payment service providers (PSP) to ensure real-time processing of credit payments across the European Union and beyond the eurozone. Full implementation is anticipated by 2028.

Сообщение On the spot Cash Transfer Infrastructure Expands in North America появились сначала на CoinsPaid Media.