Jack Henry Bolsters PaaS Presence with Victor Technologies Acquisition
Jack Henry & Associates, Inc. (JKHY) has acquired Victor Technologies, Inc., a move that is set to bolster its presence in the rapidly growing Payments-as-a-Service (PaaS) market. The acquisition, from MVB Financial Corp. (MVBF), was welcomed by Victor Technologies' President, Maf Sonko, who expressed excitement about the potential for accelerated development of next-generation payment solutions.
Victor Technologies, already integrated with Jack Henry's SilverLake core bank system and JHA PayCenterTM, brings to the table real-time payment processing and virtual ledgering functionality. This supports multiple payment types and vertical markets, processing billions of dollars in payments monthly. The acquisition allows Jack Henry's clients to grow deposits and diversify revenue through enhanced embedded payment capabilities.
The PaaS market is projected to grow at a CAGR of 23.1% from $19.1 billion in 2025 to $43.9 billion in 2029. This acquisition expands Jack Henry's capabilities in this area, aligning with its strategy to help banks and credit unions compete through innovative, cloud-native solutions. Jack Henry plans to expand Victor's capabilities to serve its Symitar credit union and Treasury Management platform clients, and integrate it directly with the new, cloud-native Jack Henry PlatformTM.
The acquisition of Victor Technologies by Jack Henry & Associates is expected to provide financial institutions with greater control, near real-time reconciliation, and reduced risk of overdrafts. With the integration of Victor's capabilities, Jack Henry's clients can now offer enhanced payment services to their customers, further strengthening their competitive position in the market.
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