Jack Henry partners with The Clearing House for real-time payments drive
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US.
TCH is currently working to build a new real-time payment system, which it will own and operate.
In partnering with JHA Payment Solutions, TCH says it will expand the new system’s reach – giving it access to a network of more than 6,300 banks and credit unions that are on Jack Henry’s customer list.
This latest deal follows on from last year, when TCH signed a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the US. The system will be based on VocaLink’s Faster Payments development, which has been already running in the UK for many years.
Jack Henry’s rival banking software vendor, FIS, has also signed an agreement with TCH to participate in the creation of the new instant payments platform.
Meanwhile, in the UK, the Payment Systems Regulator (PSR) says banks should sell their stake in VocaLink to “help increase innovation and competition”.
The PSR gathered evidence and views from more than 70 stakeholders – including infrastructure providers, operators, payment services providers (including independent ATM deployers), fintechs and associations – as well as conducting desk research and commissioning an international comparisons study.
As a result of that advice, MasterCard was reported to be close to buying VocaLink in a £1-billion acquisition, according to Sky News.
