Digital Transactions Authoritative, insightful and timely information for payments professionals
Payment processor Moov Financial Inc. will process payments for a particularly high-profile enterprise, the Truth Social platform and Truth+ video streaming service, both owned by President Trump’s Trump Media and Technology Group Corp.
Announced Monday, the deal includes credit card, debit card, and ACH acceptance. Moov says the deal will help Trump Media monetize aspects of its platform and offer subscription services on Truth+, which are planned to launch later this year. These subscription packages will include what Trump Media calls family-friendly streaming channels and on-demand content.
Sarasota, Fla.-based Trump Media says payment processing will be part of its Truth.Fi brand of financial and fintech services.
In related news, Moov also is playing a part in Jack Henry & Associates Inc.’s new Visa Direct service via the Jack Henry Rapid Transfers product. Monett, Mo.-based Jack Henry announced Monday the addition of Visa Direct and says it’s part of its previously announced deal with Cedar Falls, Iowa-based Moov.
In September, Jack Henry said it would work with Moov to enable financial institutions to offer more digital-payment services to small and mid-size businesses. The partnership is expected to help financial institutions attract more smaller businesses as clients and strengthen existing relationships with such sellers by providing for their digital-payment and deposit needs through a single provider.
The Visa Direct option, which makes delivery of funds directly to eligible cards, bank accounts, and digital wallets easier, is the start of a planned collaboration. “This is the first phase of our work with Moov that will be closely followed by our cloud-native merchant acquiring solution,” Greg Adelson, Jack Henry president and chief executive, says in a statement. “Together, these services will enable community and regional financial institutions to offer innovative digital payments solutions, attract and deepen relationships, and grow deposits.”
Jack Henry Rapid Transfers is a cloud-native service that provides real-time account-to-account money movement.
