A Missouri-based publicly traded financial technology firm announced Thursday it has reached an agreement to acquire Glastonbury-based digital payment company, Payrailz.
Jack Henry & Associates Inc. said the purchase will expand its digital payment capabilities, including real-time person-to-person payments.
Terms of the purchase agreement, which is expected to close Aug. 31, were not disclosed.
Payrailz provides cloud-based, AI-enabled consumer and commercial digital payment services that enable money to be exchanged quickly. The company has been a noteworthy Greater Hartford startup with investors that have included Webster Bank.
“We are confident joining Jack Henry is in the best interest of our clients and our associates,” said Fran Duggan, CEO and founder of Payrailz. “As part of Jack Henry, we have the opportunity to leverage its financial strength and stability, extensive operational infrastructure, and industry, payments and security expertise.”
