Jack Henry snaps up Payrailz for undisclosed sum
Banking technology provider Jack Henry & Associates has entered a definitive agreement to acquire Payrailz, a cloud-native digital payments platform.
The financial details of the agreement have not been disclosed and the acquisition is expected to close on 31 August 2022.
Based in Connecticut and founded in 2016, Payrailz offers consumer and commercial digital payment solutions, including bill payment and money transfer solutions, to banks and credit unions.
“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, modernise their existing payment channels and remain at the centre of their account holders’ payment experiences,” says Greg Adelson, president and COO of Jack Henry.
The firm adds that the acquisition will further its “payments-as-a-service” strategy as it aims to help banks and credit unions meet the evolving needs of consumer and commercial account holders with capabilities such as real-time person-to-person (P2P), account-to-account (A2A) and business-to-customer (B2C) payments.
Fran Duggan, Payrailz CEO and founder, says that joining Jack Henry “enables us to build on our market reputation and accelerate our vision of providing smarter payment experiences”.
Jack Henry & Associates currently boasts around 8,000 clients, offering banks and credit unions an ecosystem of internally developed capabilities as well as the ability to integrate with fintechs.