COMPANY NEWS
Jack Henry announces strategic partnership with IncumbentFI to bring new payment capabilities to community banks and credit unions
Community banks and credit unions could gain new ways to compete in the evolving payments market through a strategic partnership between financial technology provider Jack Henry and debit modernization company IncumbentFI.
Announced by Jack Henry in a LinkedIn post, the partnership is designed to help financial institutions add multi-account funding capabilities to their existing debit card programs. The technology could allow account holders to access eligible funding sources beyond a traditional checking account, including home equity lines of credit and business lines of credit, while also providing opportunities for locally focused rewards programs.
The companies are positioning the partnership as a way for community financial institutions to offer more flexible payment experiences without replacing the core banking, debit processing or mobile banking providers they already use.
The announcement comes as banks and credit unions face pressure to keep pace with changing consumer expectations and competition from digital-first financial services companies.
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