The wait is over. Literally.
Your accountholders expect their money to move instantly – as fast as a text message or social media update. Waiting days for a standard transfer just isn’t acceptable anymore, especially when quick, convenient digital wallets are everywhere. That’s why Jack Henry, in collaboration with Moov, developed Jack Henry Rapid TransfersTM, a near-real-time solution for moving money between accountholders’ own external accounts.
You’ll find Rapid Transfers embedded right within the Banno Digital PlatformTM, delivering the speed, flexibility, and reliability that modern users need – whether it’s a consumer consolidating accounts or a small business covering payroll.
Why Rapid Transfers Matter
Accountholders deserve a digital experience that keeps pace with their lives.
Industry research shows a significant majority of consumers look to their banks and credit unions for faster payment options – and many are willing to switch providers to get them. Access to real-time transfers isn’t just a nice-to-have anymore. It’s a key driver of satisfaction and loyalty.
At the same time, fintechs and digital wallets have surged in popularity, with more than 80% of consumers using these platforms to complete transactions.
This shift underscores a growing demand for fast, seamless money movement. With Rapid Transfers, your financial institutions can meet that demand head-on, offering the same speed and convenience users have come to expect – without asking them to leave the comfort and security of their trusted banking app.
How It Works
Rapid Transfers uses the Visa® Direct and Mastercard® Send card rails to move money between external accounts, digital wallets, gig economy platforms, and peer-to-peer payment apps directly into their primary financial institution.
It’s available 24/7/365, including weekends and holidays, and works with any account that has a debit card attached.
With Rapid Transfers, there’s no waiting or third-party apps – just fast, secure money movement, right from your financial institution’s digital banking app.
Use Cases That Matter
Rapid Transfers meets the needs of both consumers and small business owners by solving real-world money movement challenges with speed and simplicity.
For consumers, it’s a convenient way to consolidate funds across multiple accounts or quickly access cash to cover bills and unexpected expenses. Whether it’s moving money from a digital wallet to a primary checking account or transferring funds between institutions, Rapid Transfers makes it easy to stay financially agile.
Small businesses benefit just as much, especially when managing cash flow between personal and business accounts.
Take, for example, a business owner expecting a $15,000 deposit on Monday to cover Tuesday’s payroll. If that deposit is delayed, Rapid Transfers allows them to quickly move money from a personal account to their business operating account, ensuring payroll runs on time. Once the delayed deposit arrives, they can move the funds back just as easily. No trips to the branch, no waiting days for ACH, and no disruption to operations.
When timing is critical, Rapid Transfers is there for your accountholders.
Benefits to Financial Institutions
Rapid Transfers is more than a convenience. It’s a smart strategy for driving engagement and retaining accountholders.
By enabling near real-time transfers, your bank or credit union can unlock direct revenue through transaction fees and indirect revenue through increased deposits and spend. When your issued debit card is used in a transfer, it earns interchange income just as it would from a purchase, adding another layer of monetization.
This solution also opens the door to product cross-sell opportunities, as accountholders who actively move money are more likely to engage with other banking services.
And with Gen Z and Millennials prioritizing speed and digital-first experiences, Rapid Transfers means you can retain primary relationships and compete effectively with fintechs and larger banks.
Benefits to Accountholders
With Rapid Transfers, your accountholders get the flexibility and control they need to manage their money with confidence.
Transfers are processed in near real time, eliminating the delays of traditional methods like ACH. Whether funding a new account or moving money between external accounts, users can initiate transfers anytime – day or night, weekday or weekend.
Not to mention, security is built into every transaction.
With two-factor authentication, account name inquiry, and Moov’s network-wide transaction monitoring, users can trust that their money is moving safely. And because Rapid Transfers is embedded directly into the Banno Digital Platform, the experience is seamless and familiar with no need to download a separate app or navigate a third-party interface.
Getting Started Is Simple
Your financial institution can enable Rapid Transfers by enrolling in a Moov merchant agreement – a standard, vetted process with no cost to activate.
Once enabled, the feature is embedded directly in Banno, with no need for separate apps or vendor interactions. Onboarding is easy via the Banno Digital Platform; and Jack Henry provides full support to ensure a smooth rollout.
Final Thoughts
Rapid Transfers is more than a feature, it’s a strategic advantage.
When convenience and speed drive loyalty, financial institutions that don’t offer real-time solutions risk losing accountholders to fintechs and competitors.
Jack Henry is here to help your financial institution win by delivering the tools your accountholders expect and deserve.
Ready to Get Started?
Learn more about Jack Henry Rapid Transfers and how to enroll via the Banno Digital Platform.
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