Jack Henry has announced its collaboration with Moov to enable community and regional institutions to offer improved digital payment services to SME customers. Following this announcement, the cloud-native solution is set to allow SMBs to accept payments with a tap on the phone, receive same-day funds for accepted payments, as well as automate reconciliations to the accounting software package.

In addition, the solution is set to be offered through financial institutions and companies, allowing them to fully serve their business customers’ deposit and payment needs. More information on the partnership As small businesses typically have multiple relationships and deals with banks and fintechs in order to serve their specialised needs, the initiatives can result in inefficiencies, increased costs, and integration issues. With this in mind, the companies aim to reduce fragmentation and place community banks and credit unions at the center of the collaboration.

At the same time, they will continue to help FIs with the process of capturing SMB deposits, which tend to be significantly higher than retail deposits. This is compelling, as customers and clients have identified growing deposits as their top strategic priority. According to the official press release, the digital payments solution is expected to optimise the ability of community and regional financial institutions to serve small business clients, as well as simplify the experience of SMBs.

The product will also deliver multiple benefits, such as one-click enrolment, automated itemised transaction processing, and reconciliation, an integrated payment relationship with the financial institution, as well as instant balance transfers from linked accounts to cover same-day transaction needs. The service was built with the technology modernisation strategy of Jack Henry, aimed at offering community and regional financial institutions cloud-native, API-first solutions, which allow them the differentiate efficiently, compete successfully and securely, as well as meet the evolving needs of their customers. Jack Henry and Moov are also working toward a multi-phased approach with beta testing, which is expected to begin by mid-2025.

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