Technology solutions provider Jack Henry & Associates announced today TheWayiPay, a standalone version of its iPay person-to-person electronic payment solution.
TheWayiPay, provided by Jack Henry's recently acquired iPay Technologies division, allows anyone in the United States with a bank account to send and receive money using existing accounts. The service is set up to be made available through the bank's website and payments can be made using the recipient's name and e-mail address.
“While P2P funds transfer services have been around for many years, until recently it appeared P2P was an innovative technology looking for a market and widespread adoption," said Bill Ready, president of iPay Technologies. "But the increasing usage of online and mobile banking and e-commerce are now creating a strong and growing demand for P2P as a next-generation payment solution."
More than 2,150 financial institutions currently use iPay's payment service in the form of a small business and consumer bill pay offering. Because of demand for P2P payment alternatives the company made the decision to offer the solution as a standalone product that works independently from traditional bill pay solutions.
TheWayiPay will initially be made available by the end of 2010.