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Pay A Loan is a Jack Henry service that streamlines consumer loan, mortgage, and credit card payments when those payments are made online or through a financial institution’s call center. Unlike the loan payment functionality embedded in most online banking products, Pay A Loan allows consumers to make loan payments from accounts held by your financial institution, accounts held at external financial institutions, or even using a debit card. It provides summary and detailed statements about the loan to help users determine when and how much to pay. Pay A Loan lets the payer choose the financial institution and account from which the payment will be funded and lets them determine when the payment will be delivered.
Financial institutions offer many types of loans. Borrowers who are active customers or members of the financial institution and use it as their primary source of banking services may be able to use the institution’s online or mobile solution to make payments. Unfortunately, borrowers who have their primary banking relationship at another financial institution need an alternative method to make loan payments. The Payrailz Pay A Loan solution from Jack Henry solves this problem by allowing users to make payments from accounts at other financial institutions or from a debit card. Pay A Loan provides a complete user experience for loan payments, including allowing the user to view their loan statement prior to making the payment. It supports one-time payments and automates the process for users who choose the option to make fixed or variable recurring payments.
Financial institutions can deploy Pay A Loan in one or more of these ways:
As a Single Sign-On (SSO) addition to online or mobile banking products
As a standalone service that allows users to enroll or pay as a guest
As a tool for an FI’s customer service department that allows them to enter payments on behalf of the borrower
For organizations that require a truly integrated approach, our APIs allow you to build out the Jack Henry Pay A Loan experience, leveraging our money movement engine to process and fulfill the payment requests behind the scenes. This approach lets you own the entire customer engagement and user experience—users only see your application’s screens—while relying on our extensive transaction processing and management solution to vet recipients, deliver funds, and provide detailed reporting.