Jack Henry & Associates (JKHY) said Monday it is partnering with Visa (V) to integrate Visa Direct into its Rapid Transfers service, allowing banks and credit unions to provide real-time payments to consumers and businesses.

Financial terms were not provided.

Visa Direct supports direct fund transfers to eligible cards, bank accounts, and digital wallets.

Jack Henry said this partnership marks the first phase of its collaboration with payment processor Moov, with a cloud-based merchant acquiring service to follow.

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