MONETT, Mo., Feb. 20, 2013 /PRNewswire/ -- Jack Henry & Associates Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that the iPay Solutions™ person-to-person (P2P) payments service processed more than 1.8 million payments during the first half of the 2013 fiscal year, which spanned July 1 to December 31, 2012. Those payments totaled more than $1.2 billion.
iPay Solutions has supported P2P payment functionality for almost 10 years, first integrating the service into its standard consumer and small business online bill pay solutions before introducing its standalone P2P offering, TheWayiPay™, in September 2010. Today, more than 2,700 financial institutions use iPay Solutions for P2P payments.
From October through December 2012, iPay Solutions experienced a more than 38 percent increase in P2P users and more than 37 percent increase in payments compared to the same quarter from the previous year. The average payment amount per transaction also increased to $719.
Greg Adelson, group president of iPay Solutions, said, "We have clearly seen exponential growth in the number of subscribers and transactions as well as transaction amounts for the last few years. We believe the ongoing evolution of mobile devices and their prevalence in daily financial management will surely support a significant rise in P2P adoption. We are committed to working with financial institutions to drive transaction activity within their payment channels."Leveraging the market maturity and optimum flexibility of its P2P technology, iPay Solutions can offer financial institutions a product that is either deeply integrated within its bill pay platform or that operates independently. TheWayiPay uniquely ensures that each bank or credit union's P2P platform is fully branded and that end users are directed back to the financial institution's website. TheWayiPay enables anyone in the U.S. with a bank account to send and receive money using only the recipient's name and email address.
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