The ability to keep your core active and spine neutral while moving at the hips is an important one as it's the basis for all athletic movement. In the swiss (or stability) ball jacknife the aim is to go from a horizontal position into that of a tuck, and back again. There is also the control needed to overcome the instability of the ball and challenge the core. A strong upper body and ability to activate the shoulder stabilisers is needed to maintain the upper body position without moving as the lower body moves.
An option to using the ball can be using a hanging gym/TRX type of arrangement. With this you would have your feet suspended in the stirrups, but the movement would be exactly the same. This set up can have the added benefit of being able to add load to the movement. By positioning the body more forward of the hanging gym (see in pic the hanging gym is situated more behind) the exerciser needs to pull harder to draw the knees into the tuck position.
This is the more advanced version so be sure you can perform the swiss ball jacknife well first.