Jack Henry Rapid Transfers
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
Register for Rapid Transfers Office Hours
Join our regular office hours and connect with experts from Jack Henry and Moov to learn how to optimize your Rapid Transfers workflow.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.
Jack Henry Rapid Transfers is considered a high-risk action by Jack Henry. We **highly recommend ** that financial institutions enable High-Risk Actions (HRA) to prevent unauthorized device or account activity, strengthening protection around sensitive digital events especially as it relates to rapid money movement.
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.
Explore the full Jack Henry Rapid Transfers Due Diligence Documentation. Please contact support for the password.
Costs
There are no direct costs to our banks and credit unions for this service. However, end-users will incur fees on “push-to card” transfers, at 1.75% or a $0.50 minimum per transfer. For “pull-from-card” transfers, end users will incur fees at 0.75% or a $0.50 minimum per transfer.
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 |
Accounting & Settlement Logic
Rapid Transfers enable end users to move funds instantly between their accounts at your institution and external debit cards. To ensure seamless reconciliation, these transactions are processed in two distinct phases: the Real-Time Transaction and the Daily Settlement Sweep.
Push-to-Card
Below is the ledger breakdown for Push-to-Card transfers (moving funds from your FI to an external card).
Phase 1: Real-Time Transaction (Push-to-Card)
Timing: Occurs the moment the user initiates the transfer in your app.
In this phase, the end user’s funds are immediately debited, and the “push” to the external network is initiated. Your internal Settlement GL acts as the temporary holding area to ensure the books remain balanced while the funds are in flight.
| Entity | Account | Debit (-) | Credit (+) |
|---|---|---|---|
| Customer | End User DDA | $1.00 + $Fee | |
| FI Internal | Settlement GL | $1.00 | |
| FI Internal | Settlement GL | $Fee | |
| Moov | FI Moov Wallet | $1.00 | |
| FI Internal | Settlement GL | $1.00 |
Note: At this stage, the customer sees an immediate deduction from their balance, and the external card receives the funds in near real-time.
Phase 2: Daily Sweep
Timing: 3:00 PM Central daily
The Daily Sweep is the final reconciliation step. This occurs when Moov settles the net position back to your financial institution via a standard ACH transfer, effectively clearing the balance held in your Settlement GL.
| Entity | Account | Debit (-) | Credit (+) |
|---|---|---|---|
| Moov | FI Moov Wallet | $1.00 | |
| FI Internal | Settlement GL | $1.00 |
Pull-from-Card
Below is the ledger breakdown for Pull-from-Card transfers (moving funds from an external card to your FI).
Phase 1: Real-Time Transaction (Pull-from-Card)
Timing: Occurs the moment the user initiates the transfer in your app.
In this phase, funds are secured from the external card, and the bank adjusts the user’s DDA and GL balances to make funds available immediately. Your internal Settlement GL tracks the pending reimbursement from the external network to ensure the books remain balanced.
| Entity | Account | Debit (-) | Credit (+) |
|---|---|---|---|
| End User | User’s Ext. Card | $1.00 | |
| Moov | FI Moov Wallet | $1.00 + $Fee | |
| Customer | End User DDA | $Fee | |
| FI Internal | Settlement GL | $Fee | |
| Customer | End User DDA | $1.00 + $Fee | |
| FI Internal | Settlement GL | $1.00 + $Fee |
Note: At this stage, the customer sees an immediate increase in their available balance, allowing for instant use of the pulled funds while the back-end settlement is finalized.
Phase 2: Daily Sweep
Timing: 3:00 PM Central daily
The Daily Sweep is the final reconciliation step. This occurs when Moov settles the total amount (including fees) back to the FI via a standard ACH transfer, effectively clearing the outstanding position held in your Settlement GL.
| Entity | Account | Debit (-) | Credit (+) |
|---|---|---|---|
| Moov | FI Moov Wallet | $1.00 + $Fee | |
| FI Internal | Settlement GL | $1.00 + $Fee |
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 live. The Onboarding & Compliance Guide outlines when you should navigate to this page.
To start the process, navigate to:
- Banno People
- Rapid Transfers
- Settings
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 merchant account creation form
The following information outlines the step-by-step process for onboarding a financial institution for Jack Henry Rapid Transfers using the Moov dashboard.
Business
Fill out the initial business details for the financial institution:
- Legal business name
- Industry
- Primary regulator
- Business type
- Tax ID Type
- Tax ID
- Business email
- Phone number
- Company website
- Tell us about what your business does
Expected Activity
This section is divided into three parts: Transactions, Fulfillment, and Processing statements.
- Transaction amounts
- What is the makeup of your volume
- What is your volume by customer type
- Do you sell physical goods?
- How long after payment do customers receive their goods/services?
- Processing statements
Bank Account
Providing an account which will serve as the settlement account for daily automatic sweeps from the Moov wallet.
- Account type:
- Critical Point: The default option is “Checking.” This is not the best practice for this setup and should be changed to “General Ledger” to ensure proper function.
- Account Holder Type: Select Business.
- Account Holder Name: Enter the name of the financial institution.
- Routing Number: Enter the routing number for the General Ledger account.
- Account Number: Enter the full General Ledger account number.
Review and finish
The final page provides a complete summary of all information entered during the onboarding process.
- Carefully review all sections, especially the Bank Account and Expected Activity sections, for accuracy.
- Use the Edit button next to any section to make corrections.
- Once all information is verified, click the Finish button to submit the application.
Post Moov enrollment process
After the Moov enrollment is complete, Moov has to manually verify General Ledger accounts. This is typically done within minutes and should not have any downtime. Moov uses the information provided to submit registration to card networks. Moov also discloses transaction pricing, applicable agreements, and collects acceptance.
In Banno People, the Rapid Transfers settings 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.
Frequently Asked Questions
Have questions about Jack Henry Rapid Transfers? Check out our Frequently Asked Questions page that covers Rapid Transfers’ functionality and experience, operational details, and more.
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