Victor Technologies, Inc. is collaborating with the business to enhance its quick payments strategy, according to a statement from Jack Henry & Associates, Inc.
Through its integrated risk management software and APIs for FinTechs to embed financial services, Victor, a subsidiary of MVB Edge Ventures, Inc. and a member of the MVB Bank, Inc. family, assists banks in managing FinTech partnerships and compliance. Since May 2021, the Victor team has developed a virtual account-ledgering solution with a collection of payment APIs that allows for the transmission of funds via ACH, Wires, Internal Transfers, and currently real-time payments over the RTP network.
In order to increase its offerings, Victor just acquired RTP capabilities. Real-time payments can be processed and received through the Jack Henry core of MVB Bank using the company’s in-house quicker payments hub, JHA PayCenterTM, which offers seamless links to the faster payments networks. The first client to use the RTP Send feature is MVB Bank, which also intends to provide RTP Request for Payment. Victor will be able to satisfy both consumer and company needs for speedier payments with the aid of both solutions.
“Our long-standing relationship with Jack Henry powers our day-to-day banking operations and opens the door for us to connect with innovative and emerging fintech. Victor enables us to offer real-time payments capabilities which help us expand into new business verticals and further solve the payment needs of our diverse clients.”
Jenifer Nadeem, director of enterprise applications at MVB Financial Corp.
“Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients. The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time. This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours. The addition of real-time payments gives end-users quicker access to their money.”
Maf Sonko, head of strategy and operations at Victor.
“Our work with both MVB Bank and Victor speaks to the openness and flexibility of Jack Henry’s Payments-as-a-Service Platform. Financial institutions can easily select and embed banking and payment capabilities. Our relationship with MVB Bank and Victor is the first of its kind and we encourage other clients to consider developing an instant payments strategy to meet the needs of consumers and businesses.”
Tede Forman, vice president of payment solutions at Jack Henry.