Jack Henry teams up with Victor Technologies and MVB Bank on RTP

Core provider Jack Henry announced a partnership this week with MVB Edge Ventures subsidiary Victor Technologies and MVB Bank to integrate a real-time payments (RTP) solution that improves the bank’s instant payment offerings to its clients. The West Virginia-based MVB Bank is the first Jack Henry customer to launch RTP send and request capabilities on The Clearing House ’s RTP network with the integration, Tede Forman, vice president of payment solutions at Jack Henry, told Bank Automation News . Victor Technologies uses its application programming interface (API) to connect to Jack Henry’s PayCenter, which “effectively talks” to The Clearing House’s real-time payments network and allows the integration of RTPs directly into the core of banks, Maf Sonko, head of strategy and operations at Victor Technologies, told BAN . The $2.9 billion MVB Bank built out a fintech arm to support customers through the Victor channel, allowing Jack Henry to share its payment platform strategy and “connect the dots,” Forman said. “The integration was really [Victor] using that toolkit that we built that has access to those APIs and integrating them into the platform that they want to market and service to their customers,” he said. Jack Henry’s relationship with Victor and MVB Bank is an example of the core provider’s payment-as-a-service strategy, he noted. The integration changes the landscape of how the bank does business with fintech clients, Jenifer Nadeem, director of enterprise applications at MVB Financial Corp., told BAN . “RTP is a key pillar in being able to offer our client base flexible payment options.” In turn, MVB Bank is Victor’s first bank client to offer the RTP solutions, Victor’s Sonko said. Victor and Jack Henry’s integration efforts began in Oct. 2021 with the technology at the forefront, Sonko said, noting that the companies also had to ensure that the proper risk assessment, policies and procedures were all in place ahead of the launch, Sonko said. Looking ahead, Victor Technologies plans to integrate with other Jack Henry banks “that are interested in modernizing their payments,” Sonko said. Jack Henry clients include $1.7 billion IncredibleBank , $370 million First Northern Credit Union and $600 million Lea County State Bank . Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022 .

Jack Henry teams up with Victor Technologies and MVB Bank on RTP

The partnership is an effort to enhance real-time payment offerings

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Jack Henry teams up with Victor Technologies and MVB Bank on RTP

The partnership is an effort to enhance real-time payment offerings

Credit unions see AI opportunities in the wake of the ‘great resignation’

Visa, Mastercard swipe fees targeted in planned Senate bill

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