Jack Henry & Associates is entering the person-to-person payments fray with an offering from its latest acquisition, iPay Technologies.
TheWayiPay service is a standalone version of the P2P solution that the iPay Technologies division now has in place at more than 2,150 financial institutions, the company said.
TheWayiPay service allows money to move between any recipients in the country with bank accounts and e-mail addresses, making funds available in one to three days.
The new P2P service joins a field already dominated by PayPal, Western Union and MoneyGram and recently joined by such credit union industry competitors as Fiserv's ZashPay.
Monett, Mo.-based Jack Henry bought iPay Technologies of Elizabethton, Ky., earlier this year for about $300 million in cash.
