Jack Henry & Associates, Inc., a provider of computer systems and electronic payment solutions primarily for financial services organizations, announced that its iPay Technologies division has surpassed 1 million users of its person-to-person electronic payment solution.

There are currently 2,346 financial institutions using the company’s P2P service.

iPay had more than 600,000 P2P payments processed by its platform during the first quarter of 2011 alone, which represents nearly twice the number of P2P transactions processed during the previous quarter, with the average payment being in excess of $500. iPay’s P2P solution has processed nearly eight million payments to date.

According to Bill Ready, president of iPay Technologies, “These exchanges are much more meaningful than their perceived small-scale per transaction amount such as reimbursement for splitting the check at lunch. Financial behaviors have evolved to now dominate a preference for online payment options, and achieving one million P2P users is evidence of the value that electronic payments are finding in consumers’ daily lives. And though P2P payment technology is anything but new, more financial institutions are now realizing its necessity as part of a comprehensive strategy to maintain growth and profitability.”

iPay has supported P2P payment functionality for more than seven years and is a seasoned provider in account-to-account transfers and expedited payments as well, integrating these services into its standard consumer and small business online bill pay solutions.

Recognizing the heightened awareness of this service among consumers, the company introduced its standalone P2P offering, TheWayiPay, in September 2010. Leveraging the market maturity and optimum flexibility of its P2P technology, iPay can offer a standalone product that operates independently of its online bill pay to any financial institution.

TheWayiPay ensures that each bank or credit union’s brand is emphasized in the delivery of its P2P platform and that end users are directed back to the financial institution’s website. This electronic payment service is accessible through financial institutions’ websites and leverages the same secure processing as online banking transactions. TheWayiPay allows anyone in the United States with a bank account to send and receive money using only the recipient’s name and email address. The money is deducted from the sender’s account and deposited directly in the recipient’s account in one to three business days with payment confirmations sent to the recipient’s email address.

 

For more information:

http://www.jackhenrybanking.com/default.aspx?P=e112c0cb-8069-42e2-bb95-1870edab08bf&PSP=True