Jack Henry expands partnership with Google Cloud to provide tokenized deposit services to banks and credit unions.
As reported by PR Newswire, fintech company Jack Henry (Nasdaq: JKHY) has announced an expansion of its partnership with Google Cloud, with plans to provide tokenized deposit services for banks and credit unions through the Google Cloud Universal Ledger (GCUL). Jack Henry will be the first core banking technology provider integrated into GCUL. GCUL is a fully managed distributed ledger service that enables financial institutions to tokenize and transfer funds and assets on a single real-time ledger, while also supporting programmable round-the-clock settlement.
According to the announcement, this integration primarily targets community and regional financial institutions, with use cases including deposit retention, providing 24/7/365 instant payments and automated programmable workflows, and improving capital efficiency through automated clearing and multilateral netting without tying up liquidity or requiring upfront funding.
