Technological advancements are transforming nearly every facet of the world. New organizations are emerging to meet the needs of an evolving consumer landscape, and old organizations are adapting to maintain relevancy and expand their reach. Nowhere are these changes more potent than in the financial services industry. Banks, credit unions, fintechs, and other businesses all want to remain competitive, and one of the best ways to do so is by partnering with a fintech that offers a strong Payments-as-a-Service (PaaS) platform.
Jack Henry’s recently released whitepaper, Jack Henry’s Payments-as-a-Service Strategy, takes an in-depth look at how the PaaS platform from Jack Henry maximizes the potential of payments.
What is Payments-as-a-Service (PaaS)?
Payments-as-a-Service describes software that connects payment systems through application program interfaces (APIs). An API enables applications to communicate back and forth to execute complex business processes and are used for a wide variety of use cases. One of the most significant use cases for APIs is for open banking, wherein consumer banking information is transparently but securely provided to third-party financial service providers. Jack Henry’s API-rich PaaS strategy is a natural extension of its commitment to open banking.
Virtual payments hub
Jack Henry delivers money-moving solutions through a virtual payments hub that provides access to a suite of open APIs, portals, and processing engines. API-enabled payment solutions provided by Jack Henry through the hub include the use of faster payments via Zelle and RTP networks, digital bill payments, payment card issuance, P2P payments, and more.
The virtual payments hub is supported by Jack Henry in several ways:
- Hosting the Developer Experience Site
- Optimizing APIs with developer resources
- Documenting APIs and use cases
- Utilizing software development kits (SDKs)
- Providing the SmartSight business intelligence solution
- Aggregating and analyzing payments data
- Generating actionable insights
- Helping FIs fully understand each payment channel
Strategic partnerships for Payments-as-a-Service
If payments feel like a complex problem, Jack Henry offers meaningful strategies to solve that problem. Jack Henry supports more than 6,400 diverse banks, credit unions, and businesses to process transactions totaling up to $2 trillion annually. Additionally, more than 60 fintechs (and counting) have embedded Jack Henry’s payments solutions into their digital platforms.
Adding value with cutting-edge solutions
Overall, Payments-as-a-Service can add new and powerful capabilities as well as improve legacy systems. Data security, core integration, third-party onboarding, regulatory reporting, strong consumer authentication, consent management, and all manner of safe and speedy payments are made possible and efficient with PaaS platforms. Jack Henry will help banks, credit unions, and businesses capitalize on banking-as-a-service (BaaS) and embedded finance, reduce account holders’ barriers to financial health, and aggressively reposition clients to the center of the payment experience.
To learn more about Jack Henry’s Payments-as-a-Service strategy and how a partnership with Jack Henry helps generate mutually beneficial business opportunities, consider reading Jack Henry’s whitepaper.