Jack Henry Rapid Transfers - Coming Soon
What is Jack Henry Rapid Transfers?
Jack Henry Rapid Transfers enable lightning-quick money movement, allowing both business and retail users to enjoy near-instant results when transferring funds between the user’s own accounts, also known as “Me-to-Me transfers”. In addition to the benefits of swift money movement, this also allows for:
- Instant transfers between accounts from different financial institutions
- Moving money from digital wallets or prepaid debit cards to a primary bank account
Check out the special-edition Moov meetup FAQs on Jack Henry Rapid Transfers!
How does it work?
Through partnership and integration with Moov and the Moov Wallet, as well as Mastercard Send and Visa Direct, we can offer near-instant transfers to and from debit-card based accounts for both retail and business customers. Rapid transfers really are much faster, because they’re sent over card rails rather than traditional ACH. The shift to the fast lane dramatically cuts transfer completion times.
How does Jack Henry Rapid Transfers stay secure?
Moov and Jack Henry perform a validation — called an account name inquiry — with the card brand to ensure the name on the card matches the name of the end user at the financial institution. The end user must also complete a 2FA security code verification. Adding an external debit card is an action that requires step-up authentication within Banno.
Additionally, Jack Henry Rapid Transfers will be considered a high-risk action by Jack Henry.
Beyond the advanced validation practices that Moov and Jack Henry perform, Moov’s cloud-based native processing engine enables ongoing transaction monitoring across its entire network of transactions, not just those limited to your financial institution.
Velocity Limits
The velocity limits outlined below represent Moov’s default thresholds for Mastercard and Visa. As the financial institution, you have the flexibility to configure your own limits, including the maximum transfer amount and the number of transfers allowed per day.
Moov Velocity + amount limits for Push to card
| Limit type | Maximum limit |
|---|---|
| Amount | $25,000 |
| 1-day velocity | 150 transactions or $100,000 |
| 7-day velocity | 250 transactions or $250,000 |
| 30-day velocity | 750 transactions or $500,000 |
Moov - Velocity + amount limits (Pull from card)
| Limit type | Maximum limit |
|---|---|
| Amount | $10,000 |
| 1-day velocity | $10,000 |
| 7-day velocity | $25,000 |
| 30-day velocity | $50,000 |
How do I get started?
Your financial institution must enroll for a Moov merchant account to configure Jack Henry Rapid Transfers. Moov handles the program management and registration with card networks on behalf of your institution.
For more information on how to get started, please view the Jack Henry Rapid Transfers Onboarding & Compliance Guide for your core via the ForClients Portal. The information in the Onboarding & Compliance Guide is crucial in getting properly set up for this feature.
Moov enrollment within Banno People is coming soon. The Onboarding & Compliance Guide outlines when you should navigate to this page. Watch this space for launch timing and further information!
To start the process, navigate to:
- Banno People
- Settings
- Transfers
- Jack Henry Rapid Transfers
From this screen you can click the Moov enrollment link, which guides you through the enrollment form, including providing any necessary information to Moov. Moov uses the information provided to submit registration to card networks. Moov also discloses transaction pricing, applicable agreements, and collects acceptance.
The Jack Henry Rapid Transfers screen updates the status to Enrolled once information has been provided and setup is complete. It also directs your institution to create a support case to enable Jack Henry Rapid Transfers.
Looking for more information? Additional documents about Moov functionality can be found in the product collateral section under the Digital Banking section.
FAQ
- What’s the difference between push to card & pull to card?
- A push-to-card transaction means you are pushing a payment out of an account, a pull-to-card transaction is pulling money into the account.
- How is this different from products like Venmo or CashApp?
- Jack Henry Rapid Transfers offer near-instant “me-to-me” transfers for funding the user’s bank account held by your financial institution or for sending money to one of their external accounts – all from their primary digital banking app.
Venmo, CashApp, and Zelle® are peer-to-peer payment platforms designed to send money from one person to another, and such payments do not constitute ‘rapid transfers.
FAQ: Functionality & experience
- What type of transactions can be made?
- Jack Henry Rapid Transfer is for me-to-me transactions only – such as emegency fund transfers, moving funds between a prepaid debit card and bank account, or just transferring funds between personal bank accounts.
- How do Jack Henry Rapid Transfers differ from traditional ACH transfers in terms of speed and cost?
- Rapid transfers really are much faster, because they’re sent over card rails rather than traditional ACH. The shift to the fast lane dramatically cuts transfer completion times and allows processing 24/7/365. In fact, with rapid transfers, money movement that once took days to complete can now be done in a matter of seconds.
- Are there limits on transaction amounts or frequency for Jack Henry Rapid Transfers?
- Moov has velocity limits by default; however, as the financial institution, you have the flexibility to configure your own limits, including the maximum transfer amount and the number of transfers allowed per day.
- What about cross-border money movement?
- This feature will not be included in the initial launch of Jack Henry Rapid Transfers. However, this is on the product team’s radar, as we acknowledge the challenges this presents for end users.
- Are Jack Henry Rapid Transfers irrevocable?
- Yes, as with other platforms offering similar services, once a transfer is sent, it is final and cannot be reversed.
Note: Outgoing OCTs (Original Credit Transfers) are considered irrevocable. However, AFTs (Account Funding Transfers) can result in chargebacks, which may impact the receiving financial institution. An incoming AFT can be disputed by the originating financial institution, so while the intent is finality, there are scenarios where reversals may occur.
- Does Jack Henry Rapid Transfers support real-time payments (RTP)?
- No, we are not utilizing RTP for Jack Henry Rapid Transfers.
- What about fraud and security?
- When a debit card is added, Moov and Jack Henry perform a validation – called an account name inquiry – with the card brand to ensure the name on the card matches the name of the end user of the financial institution. The end user must also complete a 2FA security code verification. Adding an external debit card is an action that requires step-up authentication within Banno.
Jack Henry Rapid Transfers will present a high-risk action when adding a new card or when making a transfer.
Beyond the advanced validation practices that Moov and Jack Henry perform, Moov’s cloud-based native processing engine enables ongoing transaction monitoring across its entire network of transactions, not just those limited to your financial institution.
FAQ: Operational details
- How much will this cost financial institutions?
- There are no direct costs to our banks and credit unions for this service. However, end users will incur fees that are in line with the market
- Do you need Banno Business to get access to Jack Henry Rapid Transfers?
- No, Jack Henry Rapid Transfers will be available for both retail and business customers. However, it’s important to know that support for retail and business users may not be released at the same time.
- Can Jack Henry Rapid Transfers be configured at the user level?
- Jack Henry Rapid Transfers can be configured at the user level, but only for testing purposes or in response to fraud. The two use cases are: (1) enabling specific users before go-live to test functionality, and (2) deactivating a user suspected of fraud.
- What happens if there are insufficient funds for a payment?
- If funds are not available, the payment will fail instantly. Note: ACH transfers can fail for various reasons, many of which aren’t known until the funds are collected by the originating financial institution.
- Will this data be gathered for reporting?
- Yes, Jack Henry will collect all of this data within Jack Henry Data Hub (formerly known as Jack Henry Data Broker). Please note that data availability is subject to data pipeline timelines and a separate contract is required to enable this service.
- Is Jack Henry Rapid Transfers Payment Card Industry (PCI) compliant?
- Yes, you can find more information around compliance in the Moov Due Diligence documentation via the ForClients portal.
- Which cores will be supported for Jack Henry Rapid Transfers?
- All four cores will be supported. We’ve sent SLAs to Symitar, SilverLake, and CIF 20/20, with Core Director communications following soon. You’ll find all the due diligence and onboarding prep documentation you need in the “Moov and Jack Henry” section, here on the ForClients portal. To get started, open the guide for your respective core.
FAQ: Vendor management & due diligence
- Where can I find more information on vendor management and due diligence?
- For more information, refer to the Compliance & Due Diligence page for FAQs on compliance, vendor management, and due diligence.