Jack Henry moves the needle on real-time transfers

Jack Henry, which specializes in providing back-end processing for community banks and credit unions, introduced a new service that supports actual real-time payment transfers. It's positioning the service, called Rapid Transfers, as an account-to-account money movement tool for consumers and small businesses.

P2P payment network like Zelle and Venmo offer the appearance of real-time transfers. But the reality is that many of those payments clear through the ACH and can take a day or more to show up in the recipient's account.

Rapid Transfers, developed in collaboration with Moov, uses the Visa and Mastercard debit card rails (Visa Direct and Mastercard Move) to support money movement from virtually any external FI, neo-bank, brokerage or crypto exchange to the user's primary bank or credit union accounts. Moov is a cloud-baed payment infrastructure that directly connects to payment networks like The Clearing House (operator of RTP), Federal Reserve (FedNow), Visa, Mastercard, Discover and American Express.

"This is groundbreaking," Erica Pilon, head of corporate strategy at Jack Henry, said in an interview. She noted that 100 banks and credit unions are already live with the service, which which began rolling out in September 2025. Plans are to expand the service over the next several months to the 1,000-plus FIs on the company's Banno digital banking platform. Banno had over 15 million registered users as of November 30, 2025.

FIs using the Rapid Transfer service, have processed $5 million in transactions since the service went live.

"Gen Z's preference for debit is a defining shift for our industry," said Abby Wood, assistant vice president at Jack Henry. "Rapid Transfers doesn't just help reverse deposit attrition and deepen existing accountholder relationships, it gives banks and credit unions the strategic ability to attract generations that will drive future growth."

Helping FIs become hub of consumers' financial lives

Offered exclusively through banks and credit unions, Jack Henry Rapid Transfers addresses a growing demand for speed and convenience in financial services by offering a capability that few FIs currently provide.

"Today's consumers expect to be able to move money instantly, wherever they are and whenever they want," said Philip Sukow, senior vice president of strategy and innovation at IncredibleBank.

He added that the Wisconsin-based bank is using Jack Henry Rapid Transfers as a lever to win back business from fintechs. "Rapid Transfers is a critical component in making our bank the financial hub for our customers," he said. "To do that, you have to deliver the complete digital experience – from budgeting and financial management to payments, account aggregation, and the ability to rapidly move money. 
Adam Serio, vice president of information security and technology at Magnolia Federal Credit Union in Mississippi, said his FI launched Rapid Transfers to capture more deposits. "We do a lot of lending in this area, so we are using Rapid Transfers to drive more membership and deposit growth," he said, pointing to the solution's ease of implementation and use. "Our members love it because of the convenience and instant nature of the transaction"

Wade Arnold, CEO and co-founder of Moov, noted that Rapid Transfers benefits both FIs and their accountholders. "When accountholders can instantly pull funds from fintechs and digital wallets into their primary bank account, everybody wins," Arnold said. "Rapid Transfers turns community financial institutions into the hub of their customers' financial lives, not the spoke.

Tapping into card acquiring demand

This isn't the first collaboration between Jack Henry and Moov. In August 2025, Jack Henry launched Tap2Local, in collaboration with Moov. Tap2Local is a cloud-native merchant acquiring solutions for small and midsize businesses. It enables merchants to accept card payments on both iOS and Android devices, eliminating the need for dedicated hardware.

Unlike most other payment solutions for small businesses, Tap2Local is offered exclusively through banks and credit unions using the Banno digital platform.

"Tap2Local helps all small businesses and the millions of people who participate in the gig economy accept card payments face-to-face and on-the-go," said Jack Henry Chief Technical Officer Ben Metz. "We've made it easy for them to enroll through their bank or credit union and start accepting payments in their banking app within minutes."

Banks and credit unions have been increasing their focus on small businesses. In Jack Henry's 2025 Strategy Benchmark Survey, 80 percent of clients said they planned to expand services for small businesses over the next two years. Of those clients, nearly seven out of 10 cited payments as the SMB service they planned to add.

Datos Insights research, based on a survey conducted in early 2025, further underscores the demand, revealing that 82 percent of respondents in the study indicated they want their primary FI to offer more payment options.

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