The rapid transfers offering of Jack Henry will leverage the Visa Direct network to facilitate immediate fund transfers between accounts at different banks. Credit: T. Schneider/Shutterstock.

Fintech Jack Henry has entered a partnership with Visa to integrate Visa Direct into its Rapid Transfers service, aiming to offer real-time account-to-account money movement.

The tie-up will allow the delivery of funds directly to eligible cards, bank accounts, and wallets globally.

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It forms part of an alliance with cloud-based payment processor Moov, to help community and regional financial institutions provide comprehensive digital payment services to consumers and small and medium-sized businesses (SMBs).

A cloud-native service, Jack Henry Rapid Transfers is available exclusively through financial institutions.

Under the latest move, the Rapid Transfers offering will leverage the Visa Direct network to facilitate immediate fund transfers between accounts at different banks.

This service is set to offer various advantages, such as instant access to funds for emergencies, travel, or urgent payments, and the ability to move money seamlessly between accounts without delays.

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Jack Henry president and CEO Greg Adelson said: “The inclusion of Visa Direct represents a significant milestone in our ongoing efforts to modernise digital payments.

“This is the first phase of our work with Moov that will be closely followed by our cloud-native merchant acquiring solution. Together, these services will enable community and regional financial institutions to offer innovative digital payments solutions, attract and deepen relationships, and grow deposits.”

Meanwhile, in December last year, Visa announced that starting in April, funds transferred to US bank accounts via Visa Direct will be available in under one minute.

This capability will benefit consumers, businesses, and governments, ensuring quick availability of funds for various purposes, including bill splitting, insurance claim payouts, and accessing earned wages.

Visa Direct enables real-time money movement to eligible debit cards, reaching 99% of bank accounts in the US and over 11 billion endpoints globally, including cards, accounts, and digital wallets.

Visa Money Movement North America senior vice-president Yanilsa Gonzalez-Ore said: “Integrating Visa Direct with Jack Henry Rapid Transfers will provide access to market leading real-time money movement services for Jack Henry’s clients and their end customers.

“We’re so excited to work with Jack Henry to serve the growing real-time payment needs of consumers and SMBs at regional and community banks.”

Last month, Visa expanded its collaboration with an AI platform ServiceNow, to improve payment card dispute resolutions.