Jack Henry has announced an expanded collaboration with Victor Technologies , a part of MVB Bank. The two companies have introduced an embedded-payments management platform aimed at helping Jack Henry's financial institution clients explore opportunities in the Payments-as-a-Service (PaaS) market.

MVB Bank, Dart Bank, and BayFirst National Bank are currently using the platform. Despite increasing interest in PaaS across the financial sector, only 3% of institutions currently offer the service. Earlier versions of PaaS were hindered by insufficient accounting and audit controls.

The Victor PaaS platform, developed under the oversight of MVB Bank, is designed to provide more control and transparency for financial institutions. This platform offers institutions the potential to grow low-cost deposits and increase non-interest fee income. About the solution The platform is integrated with Jack Henry's SilverLake core system, enabling corporate clients, software firms, and fintechs to embed payments functionalities through a single API.

This integration also facilitates near real-time transaction reconciliation, ensuring financial institutions can monitor and control the flow of funds. The platform provides a comprehensive solution for money movement and compliance reporting. The platform supports a wide range of payment types and use cases, including disbursements, receivables, cross-border payments, escrow, title transactions, and ecommerce.

It enables various payment methods such as ACH, wire, and instant payments while also supporting virtual accounts, wallets, and card-linked payments. What do the companies say? The collaboration between Jack Henry and Victor is seen as a strategic move by both companies. MVB Bank has positioned itself as a key player in the fintech space, supporting the development of banking technology solutions.

Jack Henry views this partnership as part of its broader strategy to modernize technology through API-driven, cloud-based infrastructure, keeping financial institutions at the core of payments systems. Jack Henry is a financial technology company listed on the S&P 500. It provides technology solutions to over 7,500 clients, including banks and credit unions.

Victor Technologies, a subsidiary of MVB Edge Ventures, develops banking technology that simplifies partnerships between banks and fintechs. Both companies aim to streamline the integration of financial services into various business and technology platforms. .