Jack Henry & Associates, a provider of integrated technology solutions for financial institutions, has unveiled TheWayiPay, a new version of the iPay person-to-person (P2P) electronic payment solution which is provided by its recently acquired iPay Technologies division.

TheWayiPay allows anyone in the US with a bank account to send and receive money using their existing accounts. The electronic payment service is accessible through financial institutions’ websites and leverages the same processing as online banking transactions.

Initial availability of iPay’s P2P solution will be the fourth calendar quarter of 2010, said Jack Henry & Associates.

iPay Technologies president Bill Ready said that while P2P funds transfer services have been around for many years, until recently it appeared P2P was an innovative technology looking for a market and widespread adoption.

“We believe the speed and convenience of P2P transactions could fundamentally change the payments business, and we are excited to be strategically positioned with a proven platform we can now offer to virtually any financial services organization regardless of their online bill pay solution,” Ready said.