- Jack Henry and Associates has partnered with NYDIG to bring Bitcoin access to its 7 million banking users.
- Jack Henry will leverage its existing SaaS platform to enable payments to and from NYDIG.
- This service offers a new revenue stream for banking institutions and credit unions.
Fintech software company Jack Henry & Associates, Inc. (Nasdaq: JKHY) has announced a partnership with bitcoin bank NYDIG to provide seven million banking customers with access to bitcoin, in a press release sent to Bitcoin Magazine.
Many institutions and individuals hold onto their banks offering Bitcoin services for fear of overcoming new technologies. Business and consumer account holders can leverage NYDIG’s buy-hold-sell capabilities through the Banno digital platform hosted by Jack Henry.
The platform facilitates payments to and from NYDIG through Jack Henry’s network, which includes both municipal and commercial banking institutions and reaches over 7.1 million users.
“Jack Henry is a key entry point to community financial institutions and Main Street America. Together we are bridging access to broader financial instruments for Jack Henry clients,” said Rahm McDaniel, Head of Banking Solutions at NYDIG. “This relationship is an important step in making Bitcoin services more accessible to both financial institutions and their account holders.”
While this service offers millions of users a high level of accessibility, Jack Henry also notes that this will be a boon to the banking institutions and credit unions themselves. Services offering an allocation to Bitcoin create a new and interesting form of income that is not dependent on interest payments, such as B. Fractional investment opportunities. This enables the existing banking infrastructure to participate in the growing economy of today’s consumers.
“Being at the center of financial transactions is important for financial institutions, and our work with NYDIG is a great example of how we can work together to make this a reality,” said Julie Morlan, senior managing director of digital solutions at Jack Henry. “Our relationship with NYDIG is helping more banks and credit unions meet today’s modern payment needs.”