FINANCIAL MANAGEMENT

Jack Henry & Associates Closes Payrailz Acquisition

Jack Henry & Associates, Inc. | September 05, 2022 | Read time : 02:06 min

Jack Henry & Associates Closes Payrailz Acquisition
Jack Henry & Associates, Inc.®m announced today that it has closed its previously announced acquisition of Payrailz, adding the company's next-generation digital payment capabilities to Jack Henry's payments ecosystem.

Payrailz provides cloud-native, API-first, AI-enabled consumer and commercial digital payment solutions and experiences that enable money to be moved in the moment of need.

Acquiring Payrailz supports Jack Henry's technology modernization strategy that helps banks and credit unions successfully compete with industry disruptors, innovate faster, and meet the evolving needs of consumer and commercial accountholders. This acquisition also enhances Jack Henry's payments-as-a-service (PaaS) strategy, which is a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded fintech, while reinforcing the company's mission to strengthen connections between people and financial institutions through technology and services that reduce the barriers to financial health.

"We are excited to close this acquisition and begin integrating Payrailz into Jack Henry, This acquisition provides our collective clients with additional functionality, optionality, and flexibility and better supports the digital and payment strategies of diverse banks and credit unions. The projected impact of this acquisition will be disclosed as part of FY23 first quarter earnings, and as a reminder, our FY23 earnings per share guidance provided in our most recent earnings press release did not include the impact of this acquisition. I'd also like to reconfirm the fiscal year guidance of $5.05 to $5.09 EPS we previously provided and to provide fiscal first quarter guidance of $1.36 to $1.38 EPS."

- David Foss, Board Chair and CEO of Jack Henry

Financial details and terms of the Payrailz acquisition were not disclosed.

About Jack Henry & Associates, Inc.®
Jack Henry™ is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health.

Spotlight

The way you plan and budget comes with real costs to your business. Read this eBook to get a better understanding of what static planning is and what it’s costing your business.


Other News
CORE BANKING

HSA Bank Debuts New Digital Experience to Assist Employers in Managing Benefit Account Programs

HSA Bank | October 10, 2022

HSA Bank, a division of Webster Bank, N.A., today announced the launch of its new employer digital experience, designed to better help employers manage employee benefit account programs. Employers need easy access to data that will help them support their employees and enhance their ability to make better plan choices. Leveraging behavioral science, HSA Bank is pioneering new tools to help accomplish this aim. This cloud-native platform and open-source stack, provides data, key metrics, and tools right at human resource and benefit manager's fingertips. "Our goal has always been to provide a game-changing solution for employers managing health benefit accounts, We know that hiring and retaining talent is mission-critical, especially right now. The power of these new tools will help improve employer's ability to drive employees to save and spend for a healthy future." -Jason Kessler, Senior Managing Director of Product Management Collaborating with customers and developing this new solution through ongoing feedback enabled HSA Bank to ensure this solution was customer and experience-first. Some of the new enhancements include the ability to compare program performance with de-identified peers, analysis of employee persona types for future benefits decision, (i.e., percentage of employees classified as spenders, savers, or investors based on contribution and distribution activity), contribution velocity and balance stratification. The portal provides employers with increased confidence in their benefits strategy, intuitive access for key administrative tasks, a better understanding of employee information needs, an easy way to optimize plan designs and an increased understanding of their plan performance against peers. This innovation signals the start to a line-up of enhancements planned for HSA Bank, With the acquisition of Bend earlier this year and the HSA Bank legacy of driving outcomes for our clients and accountholders, we are boldly positioned to own this best-in-class experience and help millions of Americans wisely save for retirement, Kessler added. About HSA Bank: At HSA Bank, we're working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our over 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of June 30, 2022, HSA Bank had $11.1 billion in total footings comprising $7.8 billion in deposit balances and $3.3 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC.

Read More

BITCOIN AND CRYPTO

WazirX launches ‘Learn & Earn’ campaign in association with The Sandbox

WazirX | September 19, 2022

Continuing with its efforts towards bringing awareness to the crypto space, WazirX, the largest crypto exchange in the country, launches another ‘Learn & Earn’ campaign in association with the Ethereum-based play-to-earn metaverse game, The Sandbox. The campaign includes a two-level contest where the top five winners will receive free Alpha passes for The Sandbox’s recently launched Alpha Season 3. The campaign commences on September 19, 2022, at 10 am (IST). In the first step of the contest, participants have to answer a ten-question intriguing quiz about The Sandbox Alpha. After this, they must trade at least 10 SAND from 19th September at 10 am to 25th September till 10 pm IST. Winners will be chosen randomly from participants who complete both rounds. They will be awarded Alpha passes that will give them complete access to the all-new world of a metaverse in the game and a chance to win 500 SAND tokens. The latest season of The Sandbox Alpha provides users with multiple gameplay options. Being one of the largest and most interactive seasons, Alpha Season 3 offers around 90+ solo and multiplayer experiences. “We intend to make learning about crypto fun and interesting experience for those new to it. This is precisely what we are trying to achieve through our ‘Learn & Earn’ campaign in collaboration with The Sandbox. We are looking forward to wide-scale participation from crypto enthusiasts and gamers.” -Rajagopal Menon, Vice President, WazirX Before this, WazirX successfully conducted its P2P (peer-to-peer) contest under the ‘Learn & Earn’ initiative. It was intended to familiarize first-time investors with P2P trading. Hosted between 21st to 28th June 2022, the event saw participation from more than 8000 crypto enthusiasts who completed the contest quiz and the winners were rewarded with WRX worth ₹200. About WazirX WazirX is an India-based crypto exchange platform that allows users to buy, sell, and trade various crypto-assets like Bitcoin, Ether, Litecoin, and more. WazirX is India’s largest crypto exchange and has over 12 million users. WazirX is on a mission to make crypto accessible to everyone in India.

Read More

PAYMENTS, FINTECH

PayUp Announces Partnership with nFusion Capital

PayUp and nFusion Capital | November 23, 2022

Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses. "Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don't qualify for traditional lending, PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand," -Peter Rex PayUp partners with businesses and their customers to expedite payments providing a fully integrated experience that seamlessly fits into existing invoicing workflows and provides instant verification and early, predictable payouts. We are excited to partner with PayUp and provide the capital they need to continue to grow their market, In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success,said Jason Lippman, CEO of nFusion Capital. This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR, As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors,said Denver Lobo, co-founder and CEO of PayUp. Since its May 2022 launch, PayUp has processed thousands of invoices totaling well over $1.5M in payments. Over the next 6-12 months PayUp will be focused on accelerating growth of their customer base and hiring key personnel. About Rex Rex is a technology, investment and real estate company whose mission is to empower the billions of people who use real estate to live, work, and play. Rex has launched Tech Ventures Real Estate (TVRE), a single venture to disrupt real estate - the world's largest asset class. TVRE leverages Rex's access to 10k+ apartments, an in-house startup studio and elite tech team that conceives of, launches, and scales revenue generating businesses at an industry leading pace. Founded by Peter Rex and headquartered in Austin, Texas, Rex has been named a Forbes "Best Place to Work." About PayUp PayUp is a fintech company serving small and medium-sized businesses with early payment solutions. PayUp's technology allows vendors to get paid early on their timeline. About nFusion Capital nFusion Capital brings a unique approach to the world of business finance – as optimists we start from a position of "yes we can" and aggressively work on behalf of our customers to ensure their success.

Read More

FINANCIAL MANAGEMENT, FINTECH

SUNRATE announces strategic partnership with Agoda

SUNRATE | November 28, 2022

FinTech company SUNRATE, the global payment and treasury management platform announced that it has entered into a partnership with Agoda. SUNRATE will be integrating its online travel solution with the global digital travel platform. Beyond virtual cards issuance The partnership is announced one month after ITB Asia 2022, where SUNRATE shared with travel stakeholders on how its holistic online travel solution, comprising of virtual cards issuance is revolutionising travel payments. For example, any online travel agency can easily set spend limits, define usage, and choose the vendor using a virtual card. This gives its travel partners entire control over how spending are allocated and tracked. One major feature of virtual cards is security. Technology, such as application programming interfaces (APIs) has eliminated the possibility of card information being abused when given, by providing a limited window of use for a single card. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1. "At SUNRATE, we are committed to constantly innovate our offerings, so that ultimately, we can be the one-stop B2B partner for the travel industry, by solving different business needs for our travel partners and customers. We look forward to working with even more partners from the travel industry and beyond," - Shawn Qin, Head of Card Business, SUNRATE About SUNRATE SUNRATE is the intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, we are recognised as the leading provider of cutting-edge payment and treasury management solutions. We have enabled companies in 130+ countries with our proprietary platform, extensive network, comprehensive product suits, and robust APIs to scale local and global growth. With offices in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, and London, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered Bank, Visa, and Mastercard. We are licensed and regulated by the Financial Conduct Authority of the UK, the Bank Indonesia, the Hong Kong Customs as a Money Service Operator, and the Monetary Authority of Singapore as a Major Payment Institution.

Read More