Jack Henry Taps INETCO for Electronic Payment Monitoring
August 17, 2010 Alex Woodie
Bank executives that rely on Jack Henry & Associates to execute and mange their clients’ electronic funds transfers (EFTs) and payment processing via ACH and Check21 will be glad to hear that Jack Henry has licensed software from INETCO Systems Limited to keep a watchful eye on transfers and payment processing.
Jack Henry announced earlier this month that it will use INETCO Insight to oversee the EFT and payment processing activities of two of its divisions, including its jhaPassPort EFT Solutions Group and JHA Payment Processing Solutions. These are just two of the more than 100 complementary solutions that Jack Henry sells to users of its core banking applications that run on IBM‘s IBM i and Windows operating systems.
The INETCO software will give Jack Henry real-time visibility into its EFT and payment processing activities. The software will enable Jack Henry to correlate detail about which switch components, network links, and third-party service providers are handling the transactions, and display this information in a way that helps administrators isolate any issues that could cause transaction slowdowns or declines.
“The depth of real-time transaction intelligence provided by this product will help us further streamline our support processes and eliminate the hours spent troubleshooting and piecing together fragmented information gathered from our in-bound customer calls, deep dive monitoring tools, command line traces, and transaction logs,” says Larry Fitch, operations manager for the jhaPassPort EFT Solutions Group.
Jack Henry is moving strongly into the electronic payments space. The ink is barely dry on Jack Henry’s $300-million acquisition of iPay Technologies, its largest acquisition to date. iPay was the largest independent electronic bill pay provider in the United States, and had partnerships with more than 50 providers of information processing and online banking solutions, such as Jack Henry. iPay also had more than 3,600 banks and credit unions signed up for its online bill pay services, which adds to Jack Henry’s existing 11,500-strong customer base.