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A partnership deal between Jack Henry & Associates and New York Digital Investment Group (NYDIG) will enable community financial institutions to offer bitcoin services following increased interest from customers.
Millions of American Customers to Trade Bitcoin
Jack Henry and Associates (JHA), a leading technology solutions provider and payment processing firm, announced the collaboration with digital asset management firm NYDIG via a press release. The partnership will allow business and consumer accounts to buy, sell, and hold bitcoin through Jack Henry’s Banno Digital Platform.
The latter was developed for community credit unions and banks in the United States and has more than 7 million American consumers. The press release also stated that the JHA PayCenter will facilitate payments “to and from NYDIG” over the real-time payments network.
While the development will enable millions of consumers to access bitcoin, it would also benefit credit unions and banking institutions. According to the announcement, these financial organizations can offer fractionalized investment options for account holders, automated savings, and also create a “new and significant non-interest income opportunity.”
Commenting on the partnership, NYDIG’s head of banking solutions, Rahm McDaniel, said:
“Together, we are bridging access to broader financial tools for Jack Henry customers. This relationship marks an important step toward making bitcoin services more obtainable for both financial institutions and their account holders.”
Jack Henry’s senior managing director of digital solutions, Julie Morlan, also said:
“Our relationship with NYDIG helps more banks and credit unions meet today’s modern payment demands. It supports our mission of equipping financial institutions with optionality and access to a broader financial ecosystem, maintaining first-app status for consumers’ financial needs.”
More Community Banks Providing Bitcoin Services
NYDIG continues to collaborate with more financial service providers in the U.S. to enable access to bitcoin for their banking customers. The collaboration with Jack Henry follows a similar partnership deal with Computer Services Incorporated (CSI) earlier in January 2022.
Later in the same month, NYDIG teamed up with Five Star Bank, which will see the latter’s customers trade BTC directly from their bank accounts before the end of the second quarter. NYDIG, in 2021, also partnered with NCR to allow 650 banks and credit unions to offer bitcoin trading services to clients.
In February 2022, the digital asset management firm launched an employee benefit program known as a Bitcoin Savings Plan. The program will enable workers to convert part of their paycheck to BTC.