Jack Henry Associates partners with Moov Financial to unveil Tap2Local, a service aimed at streamlining the merchant acquiring process.
Jack Henry, a leading provider of technology solutions for financial institutions, has launched a new solution called Tap2Local in partnership with Moov. This tap-to-pay card acceptance solution is designed specifically for banks and credit unions to serve small and medium-sized business (SMB) customers.
A Hardware-Free, Cloud-Native Solution
Tap2Local allows merchants to accept debit and credit card payments directly via tap-to-pay on both iOS and Android devices without the need for additional hardware. Developed in partnership with Moov, it integrates seamlessly into existing banking platforms, specifically the Banno Digital Platform.
Automated Account Reconciliation and Broad Payment Acceptance
Payments made through Tap2Local are reconciled automatically with the merchant’s preferred accounting platform, simplifying bookkeeping. Transactions are processed through all major card networks, ensuring broad payment acceptance.
Strengthening Relationships with SMBs
Unlike many fintech payment solutions, Tap2Local is offered exclusively through banks and credit unions, helping them strengthen relationships with SMBs. This solution is currently in closed beta testing and is planned for rollout across more than 1,000 banks and credit unions on the Banno platform in the coming months.
Benefits for Financial Institutions
The benefits of Tap2Local for banks and credit unions include the ability to meet evolving SMB payment needs by providing a fast, seamless digital payment experience. It simplifies the payments experience for SMB customers, eliminating the need for extra hardware and manual reconciliation. Additionally, it helps banks and credit unions capture more deposits and business by integrating payment capabilities directly with banking services.
A Strategic Tool for Competition
Tap2Local provides a strategic tool for banks and credit unions to compete against payments-only fintechs, supporting new market opportunities and recurring revenue growth.
Enrollment and Time-Saving Features
Enrollment for Tap2Local is done through a bank or credit union, and businesses can start accepting payments in their banking app within minutes. Tap2Local's automated accounting feature aims to save businesses time, giving them back valuable hours to focus on their passion.
Moov's Developer-Friendly Platform
Moov's platform is built with developers in mind, offering open-source libraries and a growing community. Founded by Wade Arnold, the same individual who launched Banno in 2008, Moov's technology is integrated into Tap2Local, which is available on Android and iOS through all major card networks.
[1] - Source: Jack Henry Press Release [2] - Source: Banno Blog [3] - Source: Moov Website [4] - Source: Jack Henry Annual Report 2020
The Tap2Local solution, developed by Jack Henry in partnership with Moov, integrates seamlessly into the Banno Digital Platform and allows merchants to accept debit and credit card payments without additional hardware, serving as a beneficial tool for banks and credit unions to compete against payments-only fintechs (finance, business, technology). This hardware-free, cloud-native solution automates account reconciliation and ensures broad payment acceptance, enabling banks and credit unions to capture more deposits and business (finance, technology). On the other hand, businesses can start accepting payments in their banking app within minutes, saving them valuable time (business, technology).
