MONETT, Mo. –Jack Henry & Associates said it has entered into a definitive agreement to acquire Payrailz, saying it will add the company’s next-generation digital payment capabilities, including real-time person-to-person (P2P) payments, to Jack Henry's payments ecosystem.
Glastonbury, Conn.-based Payrailz provides cloud-native, API-first, AI-enabled consumer and commercial digital payment solutions.
"We are excited about the opportunity to add these next-generation solutions to our payments capabilities," said Greg Adelson, president and COO of Jack Henry. "Our company is engaged in technology modernization that is supporting banks and credit unions with innovative solutions that enable them to respond to business opportunities and challenges, and to improve the financial health of their accountholders. Considering the importance of modern digital and payments strategies to financial institutions, we plan to acquire Payrailz as a strategic addition to our payments ecosystem, which enables our clients to simplify the complexity of payments, modernize their existing payment channels, and remain at the center of their account holders' payment experiences."
Expanded PaaS Offerings
Jack Henry said the acquisition furthers its payments-as-a-service (PaaS) strategy, which is described as a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded fintech.
Financial details and terms of the definitive purchase agreement were not disclosed. The acquisition is expected to close Aug. 31, 2022.
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