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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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