Jack Henry Expands NetTeller Payment Options

Jack Henry & Associates, Inc. (NASDAQ:JKHY) has expanded the payment options available with its NetTeller Bill Pay online bill payment solution to include guaranteed bill payments by ACH and expedited overnight check delivery. NetTeller Bill Pay enables a bank's retail and commercial customers to initiate and remit one-time and recurring payments to any individual or any entity in the United States.

Guaranteed ACH Payment Option
Financial institution customers initiating electronic bill payments that can be paid via ACH can now guarantee the date payments are received. This new guaranteed payment option will now enable consumers to guarantee payment receipt on a specified future date. If payments are not received by the guaranteed date, Jack Henry & Associates will reimburse the consumer for late-payment-related fees up to an established maximum as long as transactions were scheduled in accordance with the service's terms and conditions.

Expedited Overnight Check Payment Delivery Option
Jack Henry & Associates has partnered with Myriad Systems Inc. (MSI), a leading provider of financial document capture, processing, printing, and mailing services, to provide an automated and highly scalable solution for next-day check payments. This new service allows users of NetTeller Bill Pay to specify payments that require printed and mailed checks -- a process that can take up to seven days and lacks predictability in terms of the actual delivery date -- to be generated by MSI and delivered overnight via Federal Express(TM). Initiating overnight check-based payments through the familiar NetTeller system only requires a few additional mouse clicks. Users immediately receive a Federal Express tracking number for delivery tracking and confirmation. MSI prepares the physical payments in special packaging created exclusively by MSI for Federal Express delivery using a proprietary process that substantially reduces costs and improves accuracy over manual express payment services. The companies have completed integration and testing and the service is now ready for immediate deployment to more than 1,000 banks using NetTeller Bill Pay.

Shaun Riney, president of MSI, said, "We have completely re-engineered the check printing and express envelope preparation process to operate on high-speed automated equipment with significant quality controls. Making this service available to online bill payment providers like Jack Henry & Associates enables financial institutions to 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, so these checks are primary candidates for an expedited service like this one."

Pete Hopkins, general manager of Internet Solutions for Jack Henry & Associates, said, "A large number of consumers are now embracing technology to make last-minute payments in order to avoid late fees and protect their credit rating. The additional payment options now available with NetTeller Bill Pay provide expedited, cost-effective payment mechanisms that require only a few additional mouse clicks and leverage customers' existing online banking relationships. We expect these convenience-driven options will attract additional expedited payment users, generate a nominal revenue opportunity for financial institutions that offer expedited overnight check payment delivery, and improve customer satisfaction and loyalty with guaranteed payment delivery."