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Jack Henry & Associates, Inc., and Myriad Systems Inc (MSI) Launch Unique Expedited
Pay-Anyone Service
By Kristen Gray
OKLAHOMA CITY, OK– Myriad Systems Inc (MSI), a leading provider of financial document
capture, processing, printing, and mailing services, announced that it has created
an automated and highly scalable solution for next day payments which significantly
enhances existing online bill payment systems. Jack Henry & Associates has signed
on as the first online bill payment provider to offer the new service through its
NetTeller Bill Pay™ electronic bill payment solution. The companies have completed
integration and testing and the service is now ready for immediate deployment to
more than 1,000 banks.
This new service allows users of online bill payment systems to specify payments
that require printed and mailed checks – a process which can take up to seven days
and lacks predictability in terms of the actual delivery date – to be sent via Federal
ExpressTM. Initiating overnight check-based payments through familiar online banking
systems only requires a few additional mouse clicks. Users immediately receive a
Federal ExpressTM tracking number to facilitate delivery tracking and confirmation.
MSI prepares the physical payments in special packaging created exclusively by MSI
for Federal ExpressTM delivery using a proprietary process that substantially reduces
costs and improves accuracy over manual express payment services.
"We have completely re-engineered the check printing and express envelope preparation
process to operate on high-speed automated equipment with significant quality controls”,
said Shaun Riney, president of MSI. “And by front-ending the entire service with
a web-based toolkit now available to online bill payment providers like Jack Henry
& Associates, financial institutions can offer a unique next day payment service
at a very attractive price."
An estimated 25 to 35 percent of online bill payments made by consumers still require
a printed paper check in order to reach payees who cannot or will not accept electronic
payments. These checks are immediate candidates for an expedited service that enables
customers to avoid late fees, interest charges, and other penalties, while providing
an easy-to-use, expedited, and cost-effective person-to-person payment mechanism
through their online banking relationship. The ability to track status and obtain
delivery confirmation online is expected to attract an additional set of users and
payments to the service.
"We have been very satisfied with the job MSI has done managing the printing and
regular mailing of online bill payment checks for our customers, and we believe
this expedited, cost-effective solution will provide tangible benefits for our financial
institution clients and ultimately their customers”, said Pete Hopkins, general
manager of Internet Solutions for Jack Henry & Associates. “We are excited to be
the first to incorporate this new expedited service into our online banking solution,
and we believe there is a viable revenue-enhancing opportunity for financial institutions
that offer the added convenience of assured next day payment delivery."
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems
and ATM/debit card/ACH transaction processing services primarily for financial services
organizations. Its technology solutions serve more than 8,800 customers nationwide,
and are marketed and supported through three primary brands. Jack Henry Banking™
supports banks ranging from de novo to mid-tier institutions with information and
transaction processing solutions. Symitar™ is the leading provider of information
and transaction processing solutions for credit unions of all sizes. ProfitStars®
provides highly specialized products and services that enable financial institutions
of every asset size and charter, and diverse corporate entities to mitigate and
control risks, optimize revenue and growth opportunities, and contain costs. Additional
information is available at www.jackhenry.com.
About Myriad Systems Inc
Myriad Systems Inc (MSI) is a leading provider of print and mail, online document
delivery, and item processing solutions for financial institutions across the United
States. MSI processes, prints, and mails financial statements and notices; electronically
archives statements, notices, and other types of documents for online delivery and
research; and facilitates the capture, processing, and clearing of check images
between customers and their banks, as well as between banks and check exchanges.
Learn more about MSI at www.myriadsystems.com.
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