Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of payment processing technology solutions and services primarily for the financial services industry, today announced its partnership with Early Warning Services, LLC , the network operator behind Zelle, to make faster payments more readily available to minority-owned depository institutions (MDIs).
Companies are offering a rebate program through June 30, 2022 to MDIs nationwide, allowing them to seamlessly connect to the ZelleÂ® Early Warning network using JHA PayCenter â¢, the payment hub faster exclusive from Jack Henry.
The FDIC defines MDIs as federally insured depository institutions in which 51% or more of the voting shares are held by persons belonging to minorities; or a majority of the board of directors is in the minority and the community that the institution serves is in the majority in the minority. These institutions are encouraged to join the 255 institutions currently engaged to leverage the ZelleÂ® network through Jack Henry to help consumers speed up payments. Currently available at over 1,000 financial institutions, ZelleÂ® is a fast, secure and easy way for consumers to send and receive money quickly and easily with friends, families and other trusted people who have a bank account in the United States Banks and credit unions offering ZelleÂ® can reduce operating expenses by digitizing transactions, creating more cross-selling and revenue opportunities, and attracting and retaining convenience-driven customers .
Lou Anne Alexander, Product Manager at Early Warning, said: âWe are proud to partner with Jack Henry to provide minority-owned institutions with access to faster payments. Through this partnership, we make it easier for minority-owned banks and credit unions to provide their customers and members with modern tools to achieve their financial goals and improve their financial health. It’s another step towards a more inclusive and equitable payments landscape.
Tede Forman, Vice President of Payments Solutions at Jack Henry, added: âMinority-owned depositories often focus on traditionally underserved or neglected communities, those that deserve and need faster access. to their money. Working with Early Warning to help these communities access faster payments can avoid late fees and penalties, protect their credit, and provide the convenience everyone deserves today. Faster payments can provide MDIs and the communities they serve with high-demand financial services that generate tangible, long-term benefits. “
Zelle NetworkÂ® participants connected to the network represent approximately 75% of the US DDA market (585 million DDA).