Jack Henry's Initial Launch of Tap2Local will Empower Financial Institutions and Their SMB Customers with Fast, Seamless Digital Payments

Core Viewpoint - Jack Henry has launched Tap2Local, a cloud-native digital payments solution aimed at small and medium-sized businesses (SMBs), to enhance their service offerings and capture new market opportunities [1][4]. Group 1: Product Features - Tap2Local allows merchants to accept debit and credit card payments via tap-to-pay on iOS and Android devices without needing additional hardware [2]. - The solution includes continuous account reconciliation with the user's chosen accounting platform and processes transactions through all major card networks [2]. - It is exclusively offered through banks and credit unions, currently in closed beta testing with several financial institutions [3]. Group 2: Market Demand and Strategy - Approximately 82% of small businesses are sole proprietors, indicating a significant market for Tap2Local [4]. - Jack Henry's 2025 Strategy Benchmark Survey revealed that 80% of clients plan to expand services for small businesses in the next two years, with nearly 70% focusing on payments as a key service [5]. - Research from Datos Insights shows that 82% of small businesses desire more payment options from their primary financial institution, and 75% seek services outside their financial institution for at least one financial need [6]. Group 3: Community Impact - The name Tap2Local reflects the strong relationship between community banks, credit unions, and local SMBs, reinforcing the financial institutions' role in the local economy [7].