Jack Henry Rapid Transfers - Frequently Asked Questions

Learn more about the latest with Jack Henry Rapid Transfers by browsing our most-asked questions and answers.

FAQ: General

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.
Is there an implementation playbook available for my financial institution to get started?: Yes, we have created onboarding guides to assist with implementation. It’s available through the ForClients Portal.
Is there a process for financial institutions to set up demo environments for Rapid Transfers?: In Banno People, all institutions can see the Rapid Transfers enrollment process. You can enroll with Moov as a merchant, configure your velocity limits, and then send us a support request to enable some test users for Rapid Transfers. This will allow you to demo the process as much as you need. You can open a support case to request this enablement in the ForClients Portal.

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.

You can find more info on our Knowledge Base.

What about cross-border money movement?

This feature supports domestic me-to-me transactions only. However, this capability is being discussed 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.

Is it possible for verification to succeed for Rapid Transfers if the external card is in the name of a secondary account owner?

Our system will review more than just the name. As long as the secondary name is recorded within the card network file, the transaction should be approved.

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 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.
Are the fees for Rapid Transfers set by Jack Henry and/or Moov? Or can my financial institution decide the fees?: The fees are set by Jack Henry and are not available for revenue sharing; this structure is strictly to cover the cost of the service. We (Jack Henry) set the fees in tandem with Moov to ensure we mitigate the costs incurred by offering Rapid Transfers. It is a costly service, which is why the fees are necessary.
Do you need Banno Business to get access to Jack Henry Rapid Transfers?: No, Jack Henry Rapid Transfers is available for both retail and business customers.
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.
How are disputes handled for Jack Henry Rapid Transfers?: Disputes will be managed by the financial institution via Moov. Moov receives dispute notifications directly from the card networks and communicates all dispute details back to the Moov account admin. For more information, please visit the Disputes guide on Moov’s site.
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 Moov Trust Center.
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 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.