Banking technology provider Jack Henry & Associates has entered into a definitive agreement to acquire Payrailz, a cloud-native digital payments platform.
Financial details of the deal were not disclosed and the acquisition is expected to close on August 31, 2022.
Based in Connecticut and founded in 2016, Payrailz provides banks and credit unions with consumer and commercial digital payment solutions, including bill payment and money transfer solutions.
“Given the importance of modern digital and payment strategies for financial institutions, we plan to acquire Payrailz as a strategic addition to our payments ecosystem. Modernizing Payment Channels, Jack Henry President and COO Greg Adelson said:
With this acquisition, the company will launch its “payments as a service” strategy with the aim of helping banks and credit unions meet the evolving needs of consumers and commercial account holders with capabilities such as real-time person-to-person. It adds that it promotes (P2P), account-to-account (A2A), and business-to-customer (B2C) payments.
Payrailz CEO and Founder Fran Duggan says joining Jack Henry “will help us build our reputation in the marketplace and accelerate our vision of delivering a smarter payment experience.” .
Jack Henry & Associates currently boasts approximately 8,000 clients and provides banks and credit unions with an ecosystem of internal development capabilities and integration capabilities with fintech.